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Crude Oil Falls to Four-Day Low on China Slowdown, European Debt

Bloomberg -- Oil dropped to the lowest level in four days in New York, falling below $89 a barrel amid speculation that global fuel demand will falter as China's economy slows and Europe struggles to control its debt crisis.

Futures slid as much as 3.7% after a Chinese central bank adviser said the nation's economy may cool further, putting at risk consumption in the world's second-biggest crude consumer. International creditors meet in Athens tomorrow as concern grows that Greece may not meet its bailout targets and after an aid package for Spain failed to prevent the cost of insuring its government's debt rose to a record.

"The continuing saga of the euro, and in particular the travails of Spain and fears that this will soon be played out in France and Italy, is driving today's sell-off," ...

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Submitted Jul 23, 2012 By: brbaritone

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sparky808 Champion Author Honolulu Posts:3,008 Points:599,685 Joined:Sep 2011	Message Posted: Jul 24, 2012 12:27:14 PM Ignore sparky808 Report Abuse Thank you for posting.
otherdave Champion Author Indiana Posts:3,398 Points:1,270,135 Joined:Oct 2008	Message Posted: Jul 24, 2012 6:00:00 AM Ignore otherdave Report Abuse Not seeing it at the pump.
hogfan24 Champion Author Arkansas Posts:1,986 Points:503,200 Joined:Dec 2011	Message Posted: Jul 24, 2012 4:13:12 AM Ignore hogfan24 Report Abuse Ok
defiancegasman Champion Author Ohio Posts:7,080 Points:1,323,260 Joined:May 2006	Message Posted: Jul 24, 2012 12:08:14 AM Ignore defiancegasman Report Abuse Start of another REPUBLICAN RECESSION!!
LanguageMan1 Champion Author Tampa Posts:11,725 Points:1,662,680 Joined:Apr 2008	Message Posted: Jul 24, 2012 12:08:13 AM Ignore LanguageMan1 Report Abuse Good to see the prices fall. But, they'll only fall a little before going back up again.
crreed1 Champion Author West Virginia Posts:1,990 Points:2,527,310 Joined:May 2005	Message Posted: Jul 23, 2012 11:20:30 PM Ignore crreed1 Report Abuse a total mess
Number43 Champion Author Lexington Posts:8,703 Points:1,639,145 Joined:Oct 2008	Message Posted: Jul 23, 2012 11:17:10 PM Ignore Number43 Report Abuse For that to happen Bud , it would require planing and leadership.Obummer can't do either.
silverfox63 Champion Author Michigan Posts:8,125 Points:1,612,690 Joined:Oct 2008	Message Posted: Jul 23, 2012 11:16:43 PM Ignore silverfox63 Report Abuse It will not stay down long unless the situation in Europe gets a lot worse.
TFowler513 Champion Author Memphis Posts:3,824 Points:1,414,860 Joined:Mar 2008	Message Posted: Jul 23, 2012 11:15:01 PM Ignore TFowler513 Report Abuse Is 20121221 not here yet??? The world needs a mulligan!!!
regout Champion Author Quebec Posts:2,955 Points:832,705 Joined:May 2010	Message Posted: Jul 23, 2012 11:14:22 PM Ignore regout Report Abuse Another reason for anything.
Bud122CA Champion Author California Posts:7,476 Points:1,607,050 Joined:Jul 2008	Message Posted: Jul 23, 2012 11:13:59 PM Ignore Bud122CA Report Abuse America has so ;much oil and we could boost our economy, and become independant of foreign oil if we only used our heads and drilled and pumped NOW. Jobs, lower prices ?????
1fulltank Champion Author Buffalo Posts:7,908 Points:1,545,285 Joined:Nov 2008	Message Posted: Jul 23, 2012 11:12:11 PM Ignore 1fulltank Report Abuse The world is a mess.
ShadowACE Champion Author Boston Posts:9,023 Points:2,150,550 Joined:Jun 2006	Message Posted: Jul 23, 2012 11:12:10 PM Ignore ShadowACE Report Abuse That is great news! Now we can expect the price at the pump to go down by a nickel just after Christmas...
sprocketsplines Champion Author Washington Posts:1,687 Points:861,615 Joined:Oct 2010	Message Posted: Jul 23, 2012 11:11:15 PM Ignore sprocketsplines Report Abuse Many countries would be quite content to have China's 7.4% economic growth.
ssect8 Champion Author Hartford Posts:7,999 Points:2,094,495 Joined:Jun 2006	Message Posted: Jul 23, 2012 11:08:26 PM Ignore ssect8 Report Abuse Have no fear the price will go up sooner rather than later.
rahcat Champion Author Grand Rapids Posts:2,473 Points:663,925 Joined:Jan 2010	Message Posted: Jul 23, 2012 11:07:20 PM Ignore rahcat Report Abuse Let it fall, let it fall, let it fall.
langolera Champion Author Akron Posts:1,766 Points:666,955 Joined:Sep 2005	Message Posted: Jul 23, 2012 11:05:57 PM Ignore langolera Report Abuse ok
Ticoman54 Champion Author Miami Posts:7,046 Points:1,492,770 Joined:Oct 2008	Message Posted: Jul 23, 2012 11:05:26 PM Ignore Ticoman54 Report Abuse With the world economy in shabbles, there is no reason for crude to be anywhere near $90 and gas prices around $3.50.
Dodge_Me Champion Author Atlanta Posts:2,214 Points:556,980 Joined:Mar 2006	Message Posted: Jul 23, 2012 11:05:00 PM Ignore Dodge_Me Report Abuse Hmm, for the moment
SteelPenny Champion Author Dallas Posts:30,970 Points:2,608,465 Joined:Sep 2005	Message Posted: Jul 23, 2012 11:04:49 PM Ignore SteelPenny Report Abuse Yup.
millerin Champion Author Orlando Posts:2,317 Points:482,340 Joined:Jan 2012	Message Posted: Jul 23, 2012 11:04:48 PM Ignore millerin Report Abuse hmm...
joel27nc Champion Author Raleigh Posts:10,542 Points:1,859,345 Joined:Mar 2008	Message Posted: Jul 23, 2012 11:04:35 PM Ignore joel27nc Report Abuse Not dropping in the USA
altonb1 Champion Author Pennsylvania Posts:9,341 Points:1,522,520 Joined:Jul 2005	Message Posted: Jul 23, 2012 11:02:51 PM Ignore altonb1 Report Abuse c'mon people...just because oil drops 1 day does not mean pump prices will drop the same day.
drz614 Champion Author Harrisburg Posts:2,304 Points:598,595 Joined:Aug 2011	Message Posted: Jul 23, 2012 11:00:16 PM Ignore drz614 Report Abuse ok
TIGERPAW46 Champion Author Florida Posts:7,131 Points:1,356,655 Joined:Mar 2004	Message Posted: Jul 23, 2012 10:59:52 PM Ignore TIGERPAW46 Report Abuse Good, that is that oil prices should lower, & thus gasoline etc. [Edited by: TIGERPAW46 at 7/24/2012 12:01:23 AM EST]
SparkieMi Champion Author Kalamazoo Posts:3,266 Points:589,360 Joined:Sep 2011	Message Posted: Jul 23, 2012 10:56:07 PM Ignore SparkieMi Report Abuse The pump prices have not dropped.....
silverfoxv65 Champion Author Michigan Posts:4,485 Points:1,230,875 Joined:Sep 2009	Message Posted: Jul 23, 2012 10:55:19 PM Ignore silverfoxv65 Report Abuse It needs to fall to a 100 year low!
jimedB Veteran Author Riverside Posts:405 Points:79,515 Joined:Jun 2012	Message Posted: Jul 23, 2012 10:53:32 PM Ignore jimedB Report Abuse I'll bet this dosen't last long. Then the next problem will cause the per barrel price to go to the $100 they have been trying to reach.
Shakleelady31 All-Star Author Fort Wayne Posts:571 Points:402,350 Joined:Jan 2012	Message Posted: Jul 23, 2012 10:53:00 PM Ignore Shakleelady31 Report Abuse Okay.
CPGas1815 Champion Author Michigan Posts:6,027 Points:1,099,605 Joined:Apr 2008	Message Posted: Jul 23, 2012 10:52:09 PM Ignore CPGas1815 Report Abuse I was shaocked to see local prices decrease this afternoon. But I still thinj local prices are way too high.
bonzoonfmb Champion Author Florida Posts:1,787 Points:645,560 Joined:Feb 2010	Message Posted: Jul 23, 2012 10:46:31 PM Ignore bonzoonfmb Report Abuse Gas prices are too high.
WIPACKERFAN Champion Author Chicago Posts:8,809 Points:1,844,425 Joined:Aug 2005	Message Posted: Jul 23, 2012 10:44:18 PM Ignore WIPACKERFAN Report Abuse Let oil do its freefall.
Blue48 Champion Author Illinois Posts:7,310 Points:1,638,920 Joined:Feb 2007	Message Posted: Jul 23, 2012 10:42:30 PM Ignore Blue48 Report Abuse UP..DOWN..UP..DOWN!
Buddy2264 Champion Author Tampa Posts:11,659 Points:2,360,945 Joined:Oct 2005	Message Posted: Jul 23, 2012 10:42:10 PM Ignore Buddy2264 Report Abuse I thought every thought China was having a "soft landing" and would not cause a big impact. Time will tell.
streetcars Champion Author Toledo Posts:12,269 Points:2,607,615 Joined:Apr 2005	Message Posted: Jul 23, 2012 10:41:07 PM Ignore streetcars Report Abuse Have not seen it in the gas prices around here yet.
SpankyMI Champion Author Kalamazoo Posts:2,713 Points:760,255 Joined:Jan 2011	Message Posted: Jul 23, 2012 10:40:39 PM Ignore SpankyMI Report Abuse Bad news causes the price of oil to drop, I thought it was the other way? [Edited by: SpankyMI at 7/23/2012 11:42:27 PM EST]
Prodaddy Champion Author Houston Posts:8,380 Points:1,895,185 Joined:May 2007	Message Posted: Jul 23, 2012 10:39:59 PM Ignore Prodaddy Report Abuse Drop baby Drop
RBob Champion Author Portland Posts:3,374 Points:2,347,875 Joined:May 2004	Message Posted: Jul 23, 2012 10:38:21 PM Ignore RBob Report Abuse Prices around here went up 5-10/gal for both gas and diesel over the weekend and they are up again today. The oil barons not only get tax subsidies but they are gouging the public.
mstearno Champion Author Dayton Posts:8,071 Points:1,732,210 Joined:Jan 2008	Message Posted: Jul 23, 2012 10:37:38 PM Ignore mstearno Report Abuse we get to pay no matter what
Mikeyl Champion Author Cleveland Posts:5,159 Points:1,186,745 Joined:Aug 2004	Message Posted: Jul 23, 2012 10:34:11 PM Ignore Mikeyl Report Abuse Gas prices JUMP QUICKLY and fall slooowwwllllyyy.
mdskier Champion Author Maryland Posts:9,941 Points:1,783,755 Joined:Aug 2005	Message Posted: Jul 23, 2012 10:34:07 PM Ignore mdskier Report Abuse Since we're visiting Spain this fall it's ok by us if the Euro drops from the current 1.21 to 1.00 to the Dollar by then. Our US dollar then goes further !
drobbbb Champion Author Maryland Posts:3,480 Points:812,460 Joined:Dec 2010	Message Posted: Jul 23, 2012 10:33:59 PM Ignore drobbbb Report Abuse ok
bradley1969 Champion Author Wisconsin Posts:1,538 Points:331,330 Joined:Mar 2012	Message Posted: Jul 23, 2012 10:32:09 PM Ignore bradley1969 Report Abuse RALLY!!!!!GSHA GONEUP EVERY DAY HERE FOR OVER A WEEK. STILL GETTING SCREWED!!!!!!!!!!!!!!!GAS IS STILL 2 HIGH AT THE PUMPS!!!!!!!!!!
mrbee Champion Author Little Rock Posts:3,759 Points:2,466,805 Joined:Oct 2005	Message Posted: Jul 23, 2012 10:29:06 PM Ignore mrbee Report Abuse What a mess.
Goofoff Champion Author Virginia Posts:11,882 Points:2,177,200 Joined:Aug 2006	Message Posted: Jul 23, 2012 10:27:57 PM Ignore Goofoff Report Abuse Mixed signals
UseLessGasFolks Champion Author Iowa Posts:5,451 Points:1,296,825 Joined:Jul 2007	Message Posted: Jul 23, 2012 10:27:43 PM Ignore UseLessGasFolks Report Abuse Going much lower...
Crumbfel Champion Author Virginia Posts:11,554 Points:2,160,585 Joined:Aug 2006	Message Posted: Jul 23, 2012 10:24:58 PM Ignore Crumbfel Report Abuse Okay that one is read
DEG Champion Author Las Vegas Posts:17,625 Points:3,495,680 Joined:Jul 2003	Message Posted: Jul 23, 2012 10:20:52 PM Ignore DEG Report Abuse And gas prices are going up.
DustyHorse Champion Author Virginia Posts:6,090 Points:1,392,330 Joined:Oct 2008	Message Posted: Jul 23, 2012 10:18:45 PM Ignore DustyHorse Report Abuse Notice how long it takes for gasoline prices to start falling.
blazerbob91 Champion Author Milwaukee Posts:6,150 Points:1,884,645 Joined:Aug 2005	Message Posted: Jul 23, 2012 10:17:35 PM Ignore blazerbob91 Report Abuse China will control the market