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Author	Topic: Crude Heads for Weekly Loss in N.Y. Before U.S. GDP Data	Post a Reply Back to Topics

brbaritone Champion Author Virginia Posts:2,063 Points:1,696,960 Joined:Jan 2007	Message Posted: Jul 27, 2012 7:08:35 AM Ignore brbaritone Report Abuse Oil traded little changed in New York, heading for its first weekly decline in three, before before data forecast to show the U.S. economy grew at the slowest past in a year. West Texas Intermediate crude pared earlier gains as the euro weakened amid speculation that European Central Bank President Mario Draghi may struggle to fulfill his pledge yesterday to defend the currency. U.S. gross domestic product, the value of all goods and services produced, rose at a 1.4 percent annual rate after a 1.9 percent gain in the prior quarter, according a Bloomberg News survey. “The main focus will switch to the release of the GDP data that could provide a better insight about the U.S. economic prospects,” said Myrto Sokou, an analyst at Sucden Financial Ltd. in London. Visit Bloomberg for full article

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Message Posted: Jul 27, 2012 7:08:35 AM

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Oil traded little changed in New York, heading for its first weekly decline in three, before before data forecast to show the U.S. economy grew at the slowest past in a year.

West Texas Intermediate crude pared earlier gains as the euro weakened amid speculation that European Central Bank President Mario Draghi may struggle to fulfill his pledge yesterday to defend the currency. U.S. gross domestic product, the value of all goods and services produced, rose at a 1.4 percent annual rate after a 1.9 percent gain in the prior quarter, according a Bloomberg News survey.

“The main focus will switch to the release of the GDP data that could provide a better insight about the U.S. economic prospects,” said Myrto Sokou, an analyst at Sucden Financial Ltd. in London.

Visit Bloomberg for full article

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RONALD777 Champion Author Houston Posts:2,432 Points:362,755 Joined:Nov 2007	Message Posted: Jul 27, 2012 7:49:00 PM Ignore RONALD777 Report Abuse With lower demand crude oil should go down.
BUSMAN1105 Champion Author Atlanta Posts:2,156 Points:1,170,025 Joined:Aug 2008	Message Posted: Jul 27, 2012 12:02:55 PM Ignore BUSMAN1105 Report Abuse GOOD, MAYBE GASOLINES PRICES WILL COME BACK DOWN!!!!!!!!!!!!!!!!!!!!!!!!
knutzAL Champion Author Alabama Posts:2,248 Points:372,680 Joined:Feb 2012	Message Posted: Jul 27, 2012 11:32:46 AM Ignore knutzAL Report Abuse K
investmentdr Champion Author Cleveland Posts:4,024 Points:1,454,075 Joined:Sep 2008	Message Posted: Jul 27, 2012 11:20:34 AM Ignore investmentdr Report Abuse still losing
HorizonChaser Champion Author Montgomery Posts:1,978 Points:454,835 Joined:Dec 2011	Message Posted: Jul 27, 2012 10:24:28 AM Ignore HorizonChaser Report Abuse yawn
werich44 Champion Author California Posts:1,852 Points:467,980 Joined:Jun 2011	Message Posted: Jul 27, 2012 10:12:23 AM Ignore werich44 Report Abuse More of the same.
bisonjim Champion Author Florida Posts:1,050 Points:205,255 Joined:May 2012	Message Posted: Jul 27, 2012 9:43:22 AM Ignore bisonjim Report Abuse Speculators have much more influence than basic supply & demand
WalRus49 Champion Author Boston Posts:4,070 Points:867,890 Joined:Nov 2010	Message Posted: Jul 27, 2012 8:32:48 AM Ignore WalRus49 Report Abuse More organized mayhem and pillage...............
scu227 Champion Author New Haven Posts:4,147 Points:770,905 Joined:Feb 2011	Message Posted: Jul 27, 2012 8:28:24 AM Ignore scu227 Report Abuse Crude needs to drop a lot more!
mastermariner Champion Author Texas Posts:4,247 Points:493,010 Joined:Jun 2011	Message Posted: Jul 27, 2012 7:56:27 AM Ignore mastermariner Report Abuse Supply and demand
cdrrod Champion Author Wisconsin Posts:4,149 Points:782,800 Joined:Feb 2006	Message Posted: Jul 27, 2012 7:53:32 AM Ignore cdrrod Report Abuse I really hope that the loss continues!
tgusa Champion Author Virginia Beach Posts:2,476 Points:439,875 Joined:Jun 2006	Message Posted: Jul 27, 2012 7:47:26 AM Ignore tgusa Report Abuse follow the $$$
gasmad666 Champion Author Illinois Posts:1,833 Points:391,320 Joined:Mar 2012	Message Posted: Jul 27, 2012 7:32:59 AM Ignore gasmad666 Report Abuse nothing new
Rockyguitar Champion Author Tampa Posts:2,557 Points:1,201,595 Joined:Sep 2008	Message Posted: Jul 27, 2012 7:28:17 AM Ignore Rockyguitar Report Abuse Here we go again....up down up down up up up down up down up up up....
brbaritone Champion Author Virginia Posts:2,063 Points:1,696,960 Joined:Jan 2007	Message Posted: Jul 27, 2012 7:09:06 AM Ignore brbaritone Report Abuse The article concludes: Oil for September delivery was at $89.50 a barrel in electronic trading on the New York Mercantile Exchange, having earlier advanced as much as 84 cents to $90.23 a barrel. The contract climbed 0.5 percent yesterday to $89.39, the highest close since July 20. Prices are 2.2 percent lower this week. Brent crude for September settlement was up 38 cents at $105.60 a barrel on the London-based ICE Futures Europe exchange. The European benchmark’s premium to West Texas Intermediate was at $16.16, up from $15.87 yesterday.