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Oil eases, all markets wait for U.S. jobs data

Reuters -- (Reuters) - Oil eased on Friday as the market joined in the wait for monthly data from leading energy consumer the United States and Hurricane Earl posed a potential threat to the nation's east coast refineries.

U.S. crude for October dropped 38 cents to $74.64 a barrel by 0920 GMT, on track for its third weekly drop in four weeks, while ICE Brent declined 42 cents to $76.51.

U.S. inventory data on Wednesday showed fuel stocks had reached their highest since weekly records began in 1990.

Still the market managed to settle above $75 for the first time this week on Thursday after positive weekly U.S. jobs data drove expectations a double-dip recession could be avoided.

The link between the economy and demand for fuel has helped to keep oil prices closely tuned to other asset clas

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Submitted Sep 03, 2010 By: creeklin

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JimTee Champion Author Tampa Posts:2,322 Points:1,188,975 Joined:Apr 2006	Message Posted: Sep 4, 2010 7:37:24 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, ....).
Sneakers55 Champion Author Houston Posts:43,302 Points:1,710,280 Joined:Nov 2005	Message Posted: Sep 3, 2010 9:40:56 PM Ignore Sneakers55 Report Abuse bluehawk43 wrote: >I have never seen a good reason why oil is so expensive >in the first place. Because bread is no longer five loaves for a dollar. I haven't gone out and done a correlation between bread prices and gas prices.
Sneakers55 Champion Author Houston Posts:43,302 Points:1,710,280 Joined:Nov 2005	Message Posted: Sep 3, 2010 9:32:39 PM Ignore Sneakers55 Report Abuse DerHahn wrote: >they look at new job losses rather than the big picture >of total unemployment numbers. People that go from a reduction in force straight to retirement never show on the unemployment rolls. No double dipping of pension checks and unemployment insurance allowed for the same employer. People that have stopped looking also don't show on the unemployment rolls. [Edited by: Sneakers55 at 9/3/2010 10:37:04 PM EST]
Night Owl Champion Author Toronto Posts:5,255 Points:1,331,675 Joined:Jul 2004	Message Posted: Sep 3, 2010 12:53:42 PM Ignore Night Owl Report Abuse Greedy oil speculators continue to control the price of oil. Why can't simple supply and demand control the price of oil?
davidel57 Champion Author Houston Posts:4,913 Points:851,865 Joined:Apr 2008	Message Posted: Sep 3, 2010 11:55:21 AM Ignore davidel57 Report Abuse and the consumer continues to get hosed!
dacofa Champion Author Nevada Posts:3,209 Points:692,570 Joined:Jan 2010	Message Posted: Sep 3, 2010 11:00:43 AM Ignore dacofa Report Abuse More jobs so lets make people pay more. Get that money one way or another.
amerk73 Champion Author Dallas Posts:4,705 Points:1,155,155 Joined:Oct 2008	Message Posted: Sep 3, 2010 10:47:15 AM Ignore amerk73 Report Abuse now at $73.37
Huskersed All-Star Author Atlanta Posts:703 Points:337,950 Joined:Nov 2008	Message Posted: Sep 3, 2010 9:28:26 AM Ignore Huskersed Report Abuse The Dow is going up as a result of 54000 cut in unemployments.
bluehawk43 All-Star Author Arkansas Posts:679 Points:503,890 Joined:May 2009	Message Posted: Sep 3, 2010 7:48:31 AM Ignore bluehawk43 Report Abuse I have never seen a good reason why oil is so expensive in the first place.
DerHahn Champion Author Illinois Posts:11,142 Points:1,652,190 Joined:May 2004	Message Posted: Sep 3, 2010 7:08:26 AM Ignore DerHahn Report Abuse they look at new job losses rather than the big picture of total unemployment numbers. but the bottom line remains the same, they for any possible excuse to raise prices.
JimTee Champion Author Tampa Posts:2,322 Points:1,188,975 Joined:Apr 2006	Message Posted: Sep 3, 2010 7:01:39 AM Ignore JimTee Report Abuse It amazes me how this people link a events together to explain why the price has changed. When in fact, it's the greedy speculators who are trying to get every penny they can for oil without taking it to high and causing a economic melt down.