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Oil price falls as service sector growth slows

The Sydney Morning Herald -- Crude oil fell after service industries grew in August at the weakest pace in seven months, bolstering concern that the US economic rebound will slow.

Futures slipped after the Institute for Supply Management's index of non-manufacturing business, which covers about 90 per cent of the economy, fell to 51.5 in August from 54.3 the prior month. It was the smallest gain since January. Prices rose earlier when a government report showed companies in the US added more jobs in August than forecast.

"Prices are still pretty lofty, given supply and the economic backdrop," said John Kilduff, a partner at Again Capital LLC, a New York-based hedge fund that focuses on energy. "The economic outlook is at best mixed."
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Crude oil for October delivery declined 42 US

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Submitted Sep 04, 2010 By: OnTheWater

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Nicoalbum Champion Author Ottawa Posts:3,571 Points:722,035 Joined:Jan 2010	Message Posted: Sep 6, 2010 8:09:35 AM Ignore Nicoalbum Report Abuse With a double-dip recession the oil will fall even more.
honda0105 Champion Author Tallahassee Posts:15,252 Points:1,141,000 Joined:Nov 2008	Message Posted: Sep 6, 2010 3:47:09 AM Ignore honda0105 Report Abuse JimTee: sorry you're mind gets so easily boggled. Might need to anchor it down a bit.
JimTee Champion Author Tampa Posts:2,322 Points:1,188,850 Joined:Apr 2006	Message Posted: Sep 5, 2010 4:13:35 AM Ignore JimTee Report Abuse It boggles my mind why oil prices can't remain at one price until a "significant event" happens. Sort of like the price of other consumable goods (food, medicine, toilet paper or even your rent check...). OH that's right, it would put a lot of people out of work (speculators, investors, journalists, ....).
honda0105 Champion Author Tallahassee Posts:15,252 Points:1,141,000 Joined:Nov 2008	Message Posted: Sep 5, 2010 3:36:24 AM Ignore honda0105 Report Abuse thus far, it seems as though the general public had a much better feel for the economy than the economists.
Huskersed All-Star Author Atlanta Posts:703 Points:337,950 Joined:Nov 2008	Message Posted: Sep 4, 2010 9:32:22 PM Ignore Huskersed Report Abuse Can't wait until the weekend is over, so the prices start going down.
deacon260 Rookie Author Louisville Posts:41 Points:15,800 Joined:May 2009	Message Posted: Sep 4, 2010 9:18:08 PM Ignore deacon260 Report Abuse Ahh Labor day weekend.. prices rose 30+ cents around here.
250FORD Champion Author Minnesota Posts:8,265 Points:1,303,335 Joined:Feb 2007	Message Posted: Sep 4, 2010 9:15:09 PM Ignore 250FORD Report Abuse If oil and gas dropped the service sector would grow like mad. The problem is every time any sector goes up any the manipulators get into the mix and screw it all up.
roadrunnerMO Champion Author Kansas Posts:5,986 Points:1,232,185 Joined:Jul 2008	Message Posted: Sep 4, 2010 9:13:20 PM Ignore roadrunnerMO Report Abuse Hpefy prices will drop some next week. Up for labor day weekend.
SBlouch Champion Author San Antonio Posts:6,885 Points:1,470,780 Joined:Apr 2007	Message Posted: Sep 4, 2010 9:09:28 PM Ignore SBlouch Report Abuse Prices at the pump need to be lower, but at least they are remaining the same until this Labor Day weekend when they went up a few cents.
civicdutie Champion Author Rochester Posts:3,010 Points:611,275 Joined:Nov 2008	Message Posted: Sep 4, 2010 9:08:58 PM Ignore civicdutie Report Abuse Can't fall fast enough. When crude drops below 72 a barrel, it seems to garner support...I don't get it. Nobody but oil companies should be allowed to buy and sell oil...period.
adr47 Champion Author Saskatchewan Posts:4,835 Points:1,015,855 Joined:Nov 2008	Message Posted: Sep 4, 2010 9:08:56 PM Ignore adr47 Report Abuse Greedy oil companies and Evil speculators will rise to occaision. Greed Rules
Jeeputtputt Champion Author Michigan Posts:1,388 Points:340,670 Joined:Aug 2009	Message Posted: Sep 4, 2010 9:08:52 PM Ignore Jeeputtputt Report Abuse "Oil prices fall"---"oil prices up" " " " " " " " " " " " " 'GAS PRICES UP UP UP!!!
Bigwaynef Champion Author South Carolina Posts:7,649 Points:1,612,885 Joined:Dec 2006	Message Posted: Sep 4, 2010 9:07:53 PM Ignore Bigwaynef Report Abuse They went down here a couple of weeks ago but several stations jumped back up last week!
vulcan96 Champion Author Ohio Posts:21,163 Points:2,638,520 Joined:Aug 2004	Message Posted: Sep 4, 2010 9:06:14 PM Ignore vulcan96 Report Abuse i think that is called excxessive GREED JohnofGB ..
96sc1 Champion Author El Paso Posts:7,440 Points:1,141,455 Joined:Mar 2008	Message Posted: Sep 4, 2010 9:05:56 PM Ignore 96sc1 Report Abuse Where you live is what's wrong with your picture - pump prices are falling here.
JohnofGB Champion Author Flint Posts:3,070 Points:630,245 Joined:Feb 2010	Message Posted: Sep 4, 2010 8:59:01 PM Ignore JohnofGB Report Abuse Crude oil falls but gasoline rises. Whats wrong with this picture.
SeerLV Champion Author Las Vegas Posts:3,930 Points:807,825 Joined:Jun 2008	Message Posted: Sep 4, 2010 8:54:20 PM Ignore SeerLV Report Abuse With weak demand and bulging stockpiles the price of gas should be dropping like a rock.
Z51Corvette Champion Author Austin Posts:6,151 Points:1,223,565 Joined:Jan 2008	Message Posted: Sep 4, 2010 8:53:37 PM Ignore Z51Corvette Report Abuse No kidding... I've been saying all along prices should drop due to the economy.
runout9 Champion Author New Jersey Posts:3,139 Points:957,625 Joined:Dec 2008	Message Posted: Sep 4, 2010 8:53:35 PM Ignore runout9 Report Abuse Keep it coming love, keep it coming love, don't stop it now, don't stop it now. ...KC & the sunshine band.
REKEY Champion Author South Carolina Posts:6,201 Points:1,232,505 Joined:May 2008	Message Posted: Sep 4, 2010 8:50:28 PM Ignore REKEY Report Abuse Crude follows the US service industry?
10k Champion Author North Carolina Posts:16,585 Points:1,786,795 Joined:May 2006	Message Posted: Sep 4, 2010 8:49:57 PM Ignore 10k Report Abuse "the sydney morning herald" ??..as in sydney, australia ??..
regasaz Champion Author Phoenix Posts:3,651 Points:840,710 Joined:Dec 2006	Message Posted: Sep 4, 2010 8:45:43 PM Ignore regasaz Report Abuse No correlation between crude and pump prices anymore.
opecsucks76 Champion Author Milwaukee Posts:2,716 Points:713,825 Joined:Jan 2009	Message Posted: Sep 4, 2010 8:37:02 PM Ignore opecsucks76 Report Abuse I say it often let's find another way to determine oil prices.
bmoreira Veteran Author Toronto Posts:381 Points:117,705 Joined:Jul 2010	Message Posted: Sep 4, 2010 8:34:52 PM Ignore bmoreira Report Abuse thanks for the article!
ModelWarships Champion Author Missouri Posts:4,220 Points:918,180 Joined:Jul 2008	Message Posted: Sep 4, 2010 8:29:12 PM Ignore ModelWarships Report Abuse so much for the supply and demand explanations. There is plenty of supply and less demand and yet the price remains high.
Bonito Champion Author Dayton Posts:13,039 Points:2,544,435 Joined:Jun 2004	Message Posted: Sep 4, 2010 8:24:36 PM Ignore Bonito Report Abuse Who thinks up this crap! Just call it greed and they are more or less GREEDY.
esquared Champion Author Oklahoma City Posts:6,082 Points:1,573,875 Joined:Jan 2006	Message Posted: Sep 4, 2010 8:22:32 PM Ignore esquared Report Abuse Supply and demand altered by Labor Day driving, giving the opportunity for merchants to hike the price at the pump.
DJRIO Champion Author Miami Posts:5,468 Points:958,310 Joined:Jan 2008	Message Posted: Sep 4, 2010 8:21:39 PM Ignore DJRIO Report Abuse after tuesday you will see it dropp
Number43 Champion Author Lexington Posts:6,287 Points:1,188,905 Joined:Oct 2008	Message Posted: Sep 4, 2010 8:18:07 PM Ignore Number43 Report Abuse I agree with Bus 561. The recent 20 cent upswing is due to nothing but greed.
billy44bo Champion Author Mobile Posts:5,183 Points:1,042,060 Joined:Feb 2008	Message Posted: Sep 4, 2010 8:17:54 PM Ignore billy44bo Report Abuse "Prices are still pretty lofty, given supply and the economic backdrop" Greed runs the oil market not supply
mfeldstein Champion Author Ottawa Posts:6,112 Points:1,522,585 Joined:Feb 2007	Message Posted: Sep 4, 2010 8:16:59 PM Ignore mfeldstein Report Abuse Oil prices are down but gas prices don't move. What gives?
Blue48 Champion Author Illinois Posts:4,955 Points:1,171,145 Joined:Feb 2007	Message Posted: Sep 4, 2010 8:16:53 PM Ignore Blue48 Report Abuse UP..DOWN..UP..DOWN!
Number43 Champion Author Lexington Posts:6,287 Points:1,188,905 Joined:Oct 2008	Message Posted: Sep 4, 2010 8:15:26 PM Ignore Number43 Report Abuse "Prices are still pretty lofty." Now that is an understatement if I ever read one. In this economy, considering the huge oversupply of oil, the price is sky high ( and I hope unsustainable).
Bus561 Champion Author Lexington Posts:14,070 Points:2,752,010 Joined:May 2004	Message Posted: Sep 4, 2010 8:13:51 PM Ignore Bus561 Report Abuse Oil has not fallen in this area, and the recent spike for the Labor Day weekend was nothing but pure legal stealing.
Quick68 Champion Author Columbus Posts:4,827 Points:756,850 Joined:Dec 2009	Message Posted: Sep 4, 2010 8:13:29 PM Ignore Quick68 Report Abuse $2.74 here up from $2.41.
Blue_Cruzer Champion Author Lexington Posts:5,147 Points:1,201,650 Joined:Mar 2007	Message Posted: Sep 4, 2010 8:11:19 PM Ignore Blue_Cruzer Report Abuse $2.75 a gallon around here, up from $2.55
PaylessKY Champion Author Kentucky Posts:6,095 Points:1,121,425 Joined:Oct 2008	Message Posted: Sep 4, 2010 8:08:05 PM Ignore PaylessKY Report Abuse Since gas prices jumped here Thursday by 10 to 20 cents, its holding steady.
Bubba44612 Champion Author Ohio Posts:5,173 Points:1,419,020 Joined:Aug 2005	Message Posted: Sep 4, 2010 8:06:12 PM Ignore Bubba44612 Report Abuse Oil should be $20 a barrel and gas at $1.50 a gal. Get hydrogen online and tell OPEC & speculators to drink their oil.
bobdec Champion Author Florida Posts:6,706 Points:1,322,565 Joined:May 2008	Message Posted: Sep 4, 2010 8:05:52 PM Ignore bobdec Report Abuse Prices did not drop here again, lets hope they continue down though
TheSicilian Champion Author Jacksonville Posts:3,016 Points:1,001,250 Joined:Feb 2009	Message Posted: Sep 4, 2010 8:04:40 PM Ignore TheSicilian Report Abuse steady here for the past few days
CobraLeader Champion Author New Jersey Posts:267,902 Points:1,200,750 Joined:Apr 2007	Message Posted: Sep 4, 2010 8:03:05 PM Ignore CobraLeader Report Abuse ... No Change in Southern Delaware Bach area.
LuckyTahoeGirl Champion Author Nevada Posts:2,594 Points:477,520 Joined:Jul 2010	Message Posted: Sep 4, 2010 8:02:24 PM Ignore LuckyTahoeGirl Report Abuse bring'em down!
tedjm1 Champion Author New York Posts:3,535 Points:388,610 Joined:Dec 2006	Message Posted: Sep 4, 2010 8:01:51 PM Ignore tedjm1 Report Abuse Prices are high.
Toppers Champion Author Atlanta Posts:6,668 Points:2,005,500 Joined:Mar 2005	Message Posted: Sep 4, 2010 8:01:47 PM Ignore Toppers Report Abuse Maintainin' N the ATL...
HiGramma Champion Author Michigan Posts:1,789 Points:367,830 Joined:Oct 2008	Message Posted: Sep 4, 2010 7:52:52 PM Ignore HiGramma Report Abuse It's a rocky bumpy road -- how long do oil speculators keep investing their speculations?
granitestater Champion Author New Hampshire Posts:6,309 Points:1,017,395 Joined:Oct 2008	Message Posted: Sep 4, 2010 7:50:02 PM Ignore granitestater Report Abuse Crude futures are not current pump price.
Jo120 Champion Author Arizona Posts:4,242 Points:1,475,330 Joined:Mar 2005	Message Posted: Sep 4, 2010 7:48:01 PM Ignore Jo120 Report Abuse Average price for regular gasoline in Phoenix is $2.59. Happy Holiday to all.
AKmailman Champion Author Alaska Posts:3,293 Points:1,098,520 Joined:Jul 2004	Message Posted: Sep 4, 2010 7:43:28 PM Ignore AKmailman Report Abuse what "economic rebound" ??
Jarod13 Champion Author Virginia Posts:3,470 Points:1,048,080 Joined:Oct 2008	Message Posted: Sep 4, 2010 7:42:34 PM Ignore Jarod13 Report Abuse Nothing new reported here.
DosEquis26 Champion Author Chicago Posts:3,758 Points:1,541,590 Joined:Jun 2006	Message Posted: Sep 4, 2010 7:42:10 PM Ignore DosEquis26 Report Abuse stay thirsty, my friends.