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Nymex Crude Briefly Tests Waters Below $80/Bbl

Wall Street Journal -- Crude futures briefly dipped below $80 a barrel Friday, as the week's gains evaporated on a stronger dollar and a decline in equities.

Oil prices have this month begun to sound out a new, extremely narrow trading range between $80 and $83 a barrel. Expectations that global oil demand will continue to improve have kept prices from falling. But concern about the pace of recovery, and high supply levels, are limiting gains.

Futures traded below $80 a barrel for only a few seconds before returning to a precarious perch just above that psychologically important price.

Light, sweet crude for April delivery recently traded $1.85, or 2.3%, lower at $80.35 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange traded $1.75 lower at $79.73 a barrel.

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Submitted Mar 19, 2010 By: EVH_1984

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jeromehasbargen Champion Author Minnesota Posts:1,913 Points:380,855 Joined:Jan 2009	Message Posted: Mar 19, 2010 12:30:15 PM Ignore jeromehasbargen Report Abuse Im still waiting for the price of gas to get under $2 a gallon at the pump.
suzyq2007 Champion Author Dallas Posts:2,809 Points:779,075 Joined:Oct 2007	Message Posted: Mar 19, 2010 12:29:39 PM Ignore suzyq2007 Report Abuse all stations keep raising their prices
Valricoslash Champion Author Tampa Posts:1,778 Points:394,345 Joined:Nov 2008	Message Posted: Mar 19, 2010 12:26:06 PM Ignore Valricoslash Report Abuse Doesn't affect me until I see a reduction at the pump. I am not holding my breath. I'll bet gas is up a nickel by early next week.
EVH_1984 All-Star Author Massachusetts Posts:528 Points:235,665 Joined:May 2008	Message Posted: Mar 19, 2010 12:23:01 PM Ignore EVH_1984 Report Abuse "Expectations that global oil demand will continue to improve have kept prices from falling." The word "expectations" should be replaced by "speculation". Improving demand? There is no supply issue. Give us a break traders.
Laszlo01 All-Star Author Georgia Posts:835 Points:169,370 Joined:Sep 2008	Message Posted: Mar 19, 2010 12:21:42 PM Ignore Laszlo01 Report Abuse ...
EVH_1984 All-Star Author Massachusetts Posts:528 Points:235,665 Joined:May 2008	Message Posted: Mar 19, 2010 12:20:19 PM Ignore EVH_1984 Report Abuse Come on traders, you couldn't keep the price below the psychological barrier of $80?! Only $10 until $70! Keep on going! Gas futures fell to $2.24. Now i'm going to save at the pump! NOTES sarcasm [Edited by: EVH_1984 at 3/19/2010 3:20:45 PM EST]