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Crude Fall on Gain in Inventories, Bernanke Remarks

Bloomberg.com -- Oil fell for a third day after government data showed U.S. inventories rose to the highest level in more than five months and on expectations that the Federal Reserve won’t take new action to bolster the economy.

Prices fell as much as 1.2 percent after the Energy Department said supplies rose 4.16 million barrels to 344.9 million last week. Fed Chairman Ben S. Bernanke, in prepared testimony for Congress, gave no signal that the central bank is considering more measures to spur the economy and called the inflation outlook “subdued.”

“The big increase in inventories surprised people,” said Michael Lynch, president of Strategic Energy & Economic Research in Winchester, Massachusetts. “Everything fell after Bernanke’s comments. It suggests to people that hopes for big demand recovery

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Submitted Feb 29, 2012 By: robertscd

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Vette1967 Champion Author Albany Posts:5,957 Points:1,274,050 Joined:Jun 2009	Message Posted: Feb 29, 2012 9:32:50 PM Ignore Vette1967 Report Abuse The entire stock market drop too. It happens everytime he gets on the air and opens his mouth.
txkrb Champion Author Texas Posts:1,555 Points:636,555 Joined:May 2011	Message Posted: Feb 29, 2012 9:27:20 PM Ignore txkrb Report Abuse We need oil prices to fall below $90 to get gas prices at least reasonable
anascom Champion Author Hamilton Posts:1,593 Points:553,115 Joined:Feb 2011	Message Posted: Feb 29, 2012 9:26:36 PM Ignore anascom Report Abuse same dirty see-saw game, all the time!
WalRus49 Champion Author Boston Posts:4,060 Points:865,940 Joined:Nov 2010	Message Posted: Feb 29, 2012 9:10:08 PM Ignore WalRus49 Report Abuse More organized mayhem and pillage...........
johntxx Champion Author Texas Posts:2,766 Points:613,395 Joined:Aug 2011	Message Posted: Feb 29, 2012 7:03:06 PM Ignore johntxx Report Abuse To the The Price Right, "Come on down!"
investmentdr Champion Author Cleveland Posts:4,014 Points:1,452,125 Joined:Sep 2008	Message Posted: Feb 29, 2012 1:00:01 PM Ignore investmentdr Report Abuse moving in right direction
buckets42 Champion Author New Jersey Posts:1,690 Points:329,550 Joined:Oct 2011	Message Posted: Feb 29, 2012 11:16:20 AM Ignore buckets42 Report Abuse Blip!
dh0770 Champion Author Colorado Posts:6,987 Points:672,460 Joined:Jun 2011	Message Posted: Feb 29, 2012 10:53:27 AM Ignore dh0770 Report Abuse Up $15, down $1, some fall.
amerk73 Champion Author Dallas Posts:7,035 Points:1,618,155 Joined:Oct 2008	Message Posted: Feb 29, 2012 10:52:06 AM Ignore amerk73 Report Abuse Brent Crude Oil $121.39
amerk73 Champion Author Dallas Posts:7,035 Points:1,618,155 Joined:Oct 2008	Message Posted: Feb 29, 2012 10:51:46 AM Ignore amerk73 Report Abuse WTI Crude Oil $105.92
RochBear Champion Author Minnesota Posts:10,449 Points:1,738,915 Joined:May 2006	Message Posted: Feb 29, 2012 10:31:42 AM Ignore RochBear Report Abuse Ben S. Bernanke has held interest rates artificially low for many many years. Inflation is NOT “subdued.” Inflation is alive and well, Look at the price of gas, and food. Those are the things everyone needs to buy on a regular basis, and their prices are going up and up.
hornet17 Champion Author Vancouver Posts:1,323 Points:440,865 Joined:Aug 2011	Message Posted: Feb 29, 2012 10:23:18 AM Ignore hornet17 Report Abuse Oil prices rise = immediate gas increase... oil prices fall = "oh it takes 3-6 months for oil prices to reflect in the price of gas"
kag2010 Champion Author Winnipeg Posts:5,244 Points:1,017,810 Joined:Apr 2010	Message Posted: Feb 29, 2012 10:16:34 AM Ignore kag2010 Report Abuse Maybe the speculators are getting nervous
gawxnative All-Star Author Atlanta Posts:510 Points:229,265 Joined:Aug 2006	Message Posted: Feb 29, 2012 10:13:14 AM Ignore gawxnative Report Abuse Everything is putting stress on planned income people (retired) so less optional spending
ned23 Champion Author Columbus Posts:3,116 Points:290,540 Joined:Dec 2003	Message Posted: Feb 29, 2012 10:13:00 AM Ignore ned23 Report Abuse Maybe the speculators are getting nervous about the possibility of intervention with the SPR and they're backing off.
robertscd Veteran Author Grand Rapids Posts:263 Points:1,567,435 Joined:Jun 2003	Message Posted: Feb 29, 2012 9:32:40 AM Ignore robertscd Report Abuse Very bearish news, yet the price of oil is only down $0.50....