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Oil prices rise after year's biggest drop

Businessweek -- Crude oil rose 65 cents to close at $85.09 on the New York Mercantile Exchange. That followed a decline of 5 percent on Wednesday, when traders were spooked by worries about budget negotiations in the U.S. Analysts also say that oil supplies and production are high, which tends to drive down prices.

Oil analyst Jim Ritterbusch wrote in a note that he expects this week's price volatility to subside, but there's still a bias toward new lows. The U.S. has large inventories of oil and production is at 17-year highs, he wrote.

AAA said gasoline prices at the pump rose a fraction of a penny to $3.464 per gallon.

In other trading, Brent crude, which is used to price international varieties of oil, gained 51 cents to $107.33 per barrel in London.

Wholesale gasoline rose 1.84 cents to $

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Submitted Nov 09, 2012 By: MidNJ

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honda0105 Champion Author Tallahassee Posts:18,643 Points:1,611,470 Joined:Nov 2008	Message Posted: Nov 13, 2012 5:47:28 AM Ignore honda0105 Report Abuse and here PD said, prices have nothing to do w/ elections, right?
honda0105 Champion Author Tallahassee Posts:18,643 Points:1,611,470 Joined:Nov 2008	Message Posted: Nov 12, 2012 12:09:35 AM Ignore honda0105 Report Abuse isem: Another case of Bohica?
jrs4125 Champion Author Indiana Posts:2,768 Points:593,695 Joined:Sep 2011	Message Posted: Nov 10, 2012 11:12:57 AM Ignore jrs4125 Report Abuse Thank you for 3.46 a gallon gasoline.
millerin Champion Author Orlando Posts:2,317 Points:483,090 Joined:Jan 2012	Message Posted: Nov 10, 2012 8:14:51 AM Ignore millerin Report Abuse it was predictable.
yardslave Champion Author Oklahoma City Posts:2,565 Points:598,755 Joined:Dec 2005	Message Posted: Nov 10, 2012 7:27:39 AM Ignore yardslave Report Abuse Wow
benjy Champion Author Chicago Posts:8,601 Points:1,790,350 Joined:Nov 2003	Message Posted: Nov 10, 2012 1:37:45 AM Ignore benjy Report Abuse again?
bston Champion Author Oklahoma City Posts:1,825 Points:644,000 Joined:Mar 2011	Message Posted: Nov 10, 2012 1:34:07 AM Ignore bston Report Abuse Prices go up & down like a yoyo!
Wanda127 Champion Author Florida Posts:2,499 Points:916,755 Joined:May 2010	Message Posted: Nov 9, 2012 11:15:58 PM Ignore Wanda127 Report Abuse The stations around me were going down a few cents each day but in the last 2 days they changed & have gone back up about 5 cents a gal. since the election.
PDQBlues Champion Author San Diego Posts:7,084 Points:1,450,275 Joined:Jan 2009	Message Posted: Nov 9, 2012 9:03:53 PM Ignore PDQBlues Report Abuse Gas prices around here have fallen further in the past 24 hours.
sharpspur Sophomore Author Jacksonville Posts:120 Points:148,515 Joined:Oct 2012	Message Posted: Nov 9, 2012 12:02:02 PM Ignore sharpspur Report Abuse Prices at the pump just went up today in my area. Just a hint of the price of oil increasing and the local fuel stations raise the price.
Jeff4U Champion Author Atlanta Posts:8,766 Points:1,854,300 Joined:Nov 2004	Message Posted: Nov 9, 2012 11:53:42 AM Ignore Jeff4U Report Abuse Now at $85.60
George0446 All-Star Author Massachusetts Posts:508 Points:233,010 Joined:Apr 2012	Message Posted: Nov 9, 2012 11:48:18 AM Ignore George0446 Report Abuse Instability due to the election that drives the attitudes of the general population
mfgendron All-Star Author New York Posts:684 Points:308,885 Joined:Sep 2008	Message Posted: Nov 9, 2012 11:45:53 AM Ignore mfgendron Report Abuse Big deal.
doctorindyj Champion Author Santa Fe Posts:3,459 Points:841,605 Joined:Nov 2009	Message Posted: Nov 9, 2012 10:39:45 AM Ignore doctorindyj Report Abuse SSDD.
el_fr Champion Author Massachusetts Posts:3,347 Points:746,650 Joined:Apr 2011	Message Posted: Nov 9, 2012 9:57:19 AM Ignore el_fr Report Abuse No surprise
Tekkersmom57 Champion Author Syracuse Posts:1,884 Points:702,165 Joined:May 2010	Message Posted: Nov 9, 2012 9:56:20 AM Ignore Tekkersmom57 Report Abuse I agree, LeeFree, 65 cents is hardly news. I think its the fact that the price went up at all, that the press was GRASPING at the rise in price to maybe start a speculation scare to keep the price going higher. This whole speculation scenario is just plain craziness! Let's get back to the true supply and demand and we will see lower oil prices as well as gas prices!
Lugi1967 Champion Author Ohio Posts:4,793 Points:1,003,220 Joined:Jun 2010	Message Posted: Nov 9, 2012 9:02:12 AM Ignore Lugi1967 Report Abuse Market is looney right now
lcleveland Champion Author San Antonio Posts:2,671 Points:653,000 Joined:May 2011	Message Posted: Nov 9, 2012 8:44:41 AM Ignore lcleveland Report Abuse still waiting for biggest drop
KDMWI Champion Author Wisconsin Posts:4,213 Points:382,845 Joined:Oct 2008	Message Posted: Nov 9, 2012 8:41:35 AM Ignore KDMWI Report Abuse When will the winter blend prices start?
investmentdr Champion Author Cleveland Posts:4,034 Points:1,456,775 Joined:Sep 2008	Message Posted: Nov 9, 2012 8:40:55 AM Ignore investmentdr Report Abuse -1% today
Evilmaddog Champion Author British Columbia Posts:3,332 Points:959,500 Joined:Aug 2010	Message Posted: Nov 9, 2012 7:59:14 AM Ignore Evilmaddog Report Abuse $$$$$$$$$$$
WalRus49 Champion Author Boston Posts:4,085 Points:870,815 Joined:Nov 2010	Message Posted: Nov 9, 2012 7:45:48 AM Ignore WalRus49 Report Abuse Bunk! They never went down...........................
sabre75 Champion Author Florida Posts:1,663 Points:340,395 Joined:May 2012	Message Posted: Nov 9, 2012 7:43:48 AM Ignore sabre75 Report Abuse Prices going back up in Florida also.
leeac Champion Author Ohio Posts:1,606 Points:435,855 Joined:Jan 2012	Message Posted: Nov 9, 2012 7:33:45 AM Ignore leeac Report Abuse The trend (long term) is up due to inflation. Gas prices are way up in Ohio.
OldMan322 Champion Author Illinois Posts:5,165 Points:1,596,690 Joined:Jul 2008	Message Posted: Nov 9, 2012 7:23:01 AM Ignore OldMan322 Report Abuse "dave364" Do you think we can find them all
bar1035 Champion Author Charlotte Posts:9,172 Points:1,300,170 Joined:Aug 2006	Message Posted: Nov 9, 2012 7:21:50 AM Ignore bar1035 Report Abuse And the stock market crashed again and even the local news was all of sudden concerned about a fiscal crisis - now that the election was over
grandpadon28110 Champion Author Charlotte Posts:4,726 Points:1,144,260 Joined:Sep 2008	Message Posted: Nov 9, 2012 7:02:34 AM Ignore grandpadon28110 Report Abuse WHAT DID YOU EXPECT?
jcurley Champion Author California Posts:7,908 Points:1,776,970 Joined:Dec 2007	Message Posted: Nov 9, 2012 7:01:20 AM Ignore jcurley Report Abuse Or did a bunch of big players (speculators) just buy a bunch?
prcoqui Champion Author Maryland Posts:3,960 Points:1,675,150 Joined:Dec 2006	Message Posted: Nov 9, 2012 7:00:42 AM Ignore prcoqui Report Abuse Gas prices are still the same around here.
swede Champion Author Cleveland Posts:3,777 Points:1,677,950 Joined:Feb 2003	Message Posted: Nov 9, 2012 6:45:18 AM Ignore swede Report Abuse That is because of the economic markets.
Buickdriver7 All-Star Author Ontario Posts:997 Points:732,210 Joined:Jan 2011	Message Posted: Nov 9, 2012 6:44:02 AM Ignore Buickdriver7 Report Abuse So the budget crisis got 5% bigger on Wed., and 1% smaller on Thurs???
sdchris Champion Author San Diego Posts:2,546 Points:737,400 Joined:Jun 2008	Message Posted: Nov 9, 2012 6:42:53 AM Ignore sdchris Report Abuse no surprise...
rbrowdersr Champion Author Detroit Posts:5,727 Points:1,820,055 Joined:Aug 2006	Message Posted: Nov 9, 2012 6:41:30 AM Ignore rbrowdersr Report Abuse The continuing saga of the oil industry.
nemoFL Champion Author Florida Posts:8,806 Points:1,611,250 Joined:Oct 2008	Message Posted: Nov 9, 2012 6:37:03 AM Ignore nemoFL Report Abuse ok
LeeFree Champion Author Pittsburgh Posts:9,161 Points:2,245,400 Joined:Jun 2005	Message Posted: Nov 9, 2012 6:36:54 AM Ignore LeeFree Report Abuse A 65 cent rise is hardly news. If it can drop below $80/bbl, that would be news.
fordfan1 Champion Author Indiana Posts:9,097 Points:1,892,740 Joined:Jul 2007	Message Posted: Nov 9, 2012 6:36:20 AM Ignore fordfan1 Report Abuse Enjoy the prices under $4.00 a gallon while they last!!!!! $5.00 a gallon will be the new norm at a gas pump near you very soon!!!!!
GNo1 All-Star Author Nashville Posts:935 Points:384,630 Joined:May 2011	Message Posted: Nov 9, 2012 6:32:37 AM Ignore GNo1 Report Abuse Obama gets re-elected and this happens? No, you don't say.
biza4u Champion Author New Haven Posts:8,533 Points:1,629,850 Joined:Jan 2007	Message Posted: Nov 9, 2012 6:31:43 AM Ignore biza4u Report Abuse Thats new news!
sappie Champion Author Massachusetts Posts:3,506 Points:587,570 Joined:Jul 2010	Message Posted: Nov 9, 2012 6:31:32 AM Ignore sappie Report Abuse what else is new?
joekool1 Champion Author Toledo Posts:1,099 Points:131,280 Joined:Sep 2012	Message Posted: Nov 9, 2012 6:30:55 AM Ignore joekool1 Report Abuse oh well
dave364 Champion Author Lansing Posts:4,955 Points:1,439,290 Joined:Nov 2007	Message Posted: Nov 9, 2012 6:30:23 AM Ignore dave364 Report Abuse hang all speculators
cutter1330 Champion Author Oklahoma Posts:8,040 Points:1,695,090 Joined:Jul 2005	Message Posted: Nov 9, 2012 6:30:06 AM Ignore cutter1330 Report Abuse Election is over, four more of paying what Europe pays!!!
Badmoon Champion Author Massachusetts Posts:8,318 Points:1,653,440 Joined:Oct 2008	Message Posted: Nov 9, 2012 6:29:41 AM Ignore Badmoon Report Abuse Just a dead cat bounce?
cheapertvs Champion Author Richmond Posts:10,295 Points:2,743,670 Joined:Jan 2004	Message Posted: Nov 9, 2012 6:29:03 AM Ignore cheapertvs Report Abuse We need the price at the pump to drop back to reality soon.
snarkysmarko Champion Author Baltimore Posts:3,073 Points:689,125 Joined:Nov 2010	Message Posted: Nov 9, 2012 6:27:55 AM Ignore snarkysmarko Report Abuse Stupid hurricane!
gobux10 Champion Author Ohio Posts:3,179 Points:680,935 Joined:Mar 2010	Message Posted: Nov 9, 2012 6:27:42 AM Ignore gobux10 Report Abuse Election is over
HelenT Champion Author Buffalo Posts:2,964 Points:599,350 Joined:Apr 2004	Message Posted: Nov 9, 2012 6:26:28 AM Ignore HelenT Report Abuse We haven't come down at the pumps yet and it is already going up??
GasPriceHelp4u Champion Author Dayton Posts:2,697 Points:570,750 Joined:Jul 2008	Message Posted: Nov 9, 2012 6:25:36 AM Ignore GasPriceHelp4u Report Abuse Yes they are!!! Unfortunate, but yes!!!
germainesr Champion Author Columbia Posts:1,141 Points:351,860 Joined:Sep 2008	Message Posted: Nov 9, 2012 6:25:11 AM Ignore germainesr Report Abuse Ok
rogerparry Champion Author Florida Posts:9,570 Points:1,918,380 Joined:Jan 2008	Message Posted: Nov 9, 2012 6:25:05 AM Ignore rogerparry Report Abuse Keep conserving.