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Crude Oil Trades Near Six-Week Low on Forecast of Rising U.S. Stockpiles

Bloomberg -- Oil fell to near a six-week low in New York before a report forecast to show that U.S. stockpiles increased last week. U.S. crude’s discount to North Sea Brent oil surpassed $20 for the first time since October.

West Texas Intermediate futures extended yesterday’s decline, bringing this week’s loss to 1.7 percent. Greek Prime Minister Lucas Papademos will meet the country’s political leaders today to discuss measures for securing a second European Union-led bailout. U.S. crude inventories probably rose to the highest in more than four months and gasoline supplies climbed for a second week, according to a Bloomberg survey before an Energy Department report tomorrow.

“The market is oversupplied, which is putting pressure on WTI,” said Carsten Fritsch, an analyst at Commerzbank AG in

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Submitted Feb 07, 2012 By: WxVette

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SkyWarnTX All-Star Author Texas Posts:945 Points:56,845 Joined:Jan 2012	Message Posted: Feb 8, 2012 11:20:25 AM Ignore SkyWarnTX Report Abuse Three(3) -OUT DATED- eastern Pennsylvania refineries are closing due to the fact that the U.S. is EXPORTING GASOLINE, there is TOO MUCH GASOLINE in AMERICA... Instead of building a Keystone Pipeline to TEXAS, all CANADA has to do is PURCHASE these THREE(3) eastern Pennsylvania refineries ... PROBLEM SOLVED... REPUBLICANS would lose their VOICE if a law were passed to prohibit EXPORT of KEYSTONE PIPELINE Products... -- Moment of Clarity -- ... No one wants a OIL PIPELINE built on CLEAN WATER AQUAFIERS... NEVER trust a OIL COMPANY EXECUTIVE to take care of your CLEAN WATER... FRACKING, PIPELINE or otherwise... there are no OIL COMPANY EXECUTIVEs living in your WATER DISTRICT... FLAMMABLE WATER is something a BRITA or PUR water filter can NOT fix... -- Moment of Clarity -- ...Price of OIL is DOWN, U.S. is Exporting Refined Gasoline to OTHER CONTRIES... -- Moment of Clarity -- ... Republican Oil Company Owners are Manipulating Gas Prices... in their bid to retake the White House in November... -- Moment of Clarity -- ...
JCI46009IN All-Star Author Indiana Posts:582 Points:191,395 Joined:Sep 2011	Message Posted: Feb 8, 2012 7:31:39 AM Ignore JCI46009IN Report Abuse Yeah right
chuckwthompson Champion Author Charlotte Posts:1,870 Points:214,410 Joined:Sep 2011	Message Posted: Feb 8, 2012 2:12:15 AM Ignore chuckwthompson Report Abuse Just wait, it will rise again...
RonTheRunner77 Veteran Author Michigan Posts:343 Points:119,115 Joined:Dec 2011	Message Posted: Feb 7, 2012 8:46:23 PM Ignore RonTheRunner77 Report Abuse no need to fear I'm sure they will reduce production to drive up the price.
bullman68 All-Star Author St. Louis Posts:596 Points:295,950 Joined:May 2011	Message Posted: Feb 7, 2012 7:45:11 PM Ignore bullman68 Report Abuse Prices are on cruise control here.
doeslayersr Champion Author Illinois Posts:5,806 Points:508,150 Joined:Dec 2010	Message Posted: Feb 7, 2012 1:09:38 PM Ignore doeslayersr Report Abuse Either this story or the story about oil prices going up need to be axed by the gb moderators as one of them must be lying.
glorioussnookie Champion Author Tennessee Posts:3,417 Points:593,635 Joined:Feb 2010	Message Posted: Feb 7, 2012 11:20:18 AM Ignore glorioussnookie Report Abuse Amazingly gas prices went up here 7 cents overnight, makes no sense what so ever! TOTAL GREED!
Houmagas Veteran Author Louisiana Posts:388 Points:100,885 Joined:Jun 2011	Message Posted: Feb 7, 2012 10:46:21 AM Ignore Houmagas Report Abuse Gas prices continue to get higher along the Gulf Coast States.
Night Owl Champion Author Toronto Posts:5,770 Points:1,432,625 Joined:Jul 2004	Message Posted: Feb 7, 2012 10:03:40 AM Ignore Night Owl Report Abuse Oil prices are still about double what they should be. Greedy Wall Street oil speculators need to be kicked out of the oil market. Supply and demand should be controlling oil prices.
TBecker1415 Veteran Author Missouri Posts:406 Points:108,840 Joined:Nov 2011	Message Posted: Feb 7, 2012 9:37:43 AM Ignore TBecker1415 Report Abuse let's hope it keeps going lower.
FPLREP Champion Author Virginia Posts:6,359 Points:2,087,540 Joined:Oct 2005	Message Posted: Feb 7, 2012 8:41:41 AM Ignore FPLREP Report Abuse snapshot yes, right direction, absolutely.
remay Champion Author Houston Posts:5,212 Points:1,758,145 Joined:May 2006	Message Posted: Feb 7, 2012 8:33:03 AM Ignore remay Report Abuse yet another snapshot article on the price of oil...
MidNJ Champion Author New Jersey Posts:5,463 Points:840,175 Joined:Sep 2009	Message Posted: Feb 7, 2012 8:23:39 AM Ignore MidNJ Report Abuse Interesting: "Crude Drops on Forecast of Rising U.S. Supplies; Brent Premium Exceeds $20 By Ben Sharples and Grant Smith - Feb 7, 2012 8:10 AM GMT-0500"
brbaritone Champion Author Virginia Posts:1,241 Points:1,364,300 Joined:Jan 2007	Message Posted: Feb 7, 2012 8:17:40 AM Ignore brbaritone Report Abuse O.K., so WTI is going down (slightly, temporarily) and Brent is going up. Both markets should consider the first quote in the article: "The market is oversupplied ... "
graceman Champion Author Baltimore Posts:3,741 Points:915,770 Joined:Jun 2008	Message Posted: Feb 7, 2012 8:11:24 AM Ignore graceman Report Abuse Why are the prices still going up?
jwalkerh Champion Author Louisiana Posts:4,800 Points:1,097,455 Joined:Oct 2008	Message Posted: Feb 7, 2012 8:10:20 AM Ignore jwalkerh Report Abuse And prices are rising again?