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Oil drops to near $104 on global growth concerns

Anchorage Daily News online -- The Associated Press

Published: April 29th, 2012 09:31 PM
Last Modified: April 30th, 2012 03:30 AM

LONDON (AP) - Oil prices fell toward $104 a barrel Monday on expectations that slowing economic growth in the U.S. and China and ongoing debt problems in Europe will undermine demand for crude.

Benchmark oil for June delivery was down 72 cents to $104.21 a barrel by midday European time in electronic trading on the New York Mercantile Exchange. The contract rose 38 cents to settle at $104.93 in New York on Friday.

Brent crude for June delivery was down 71 cents at $119.10 per barrel in London.

The Commerce Department said Friday that the U.S. economy grew at an annual rate of 2.2 percent in the January-March quarter, compared with 3 percent in the final quarter of 2011. Earlier this

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Submitted Apr 30, 2012 By: Nitewolf

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REPLIES (newest first)Ignore Short Messages

WalRus49 Champion Author Boston Posts:4,075 Points:868,865 Joined:Nov 2010	Message Posted: May 1, 2012 12:16:32 AM Ignore WalRus49 Report Abuse Just more organized mayhem and pillage..............
PathfinderSC Champion Author South Carolina Posts:9,516 Points:1,830,640 Joined:Mar 2008	Message Posted: Apr 30, 2012 8:09:54 PM Ignore PathfinderSC Report Abuse Oil should be around $60.00 a barrel.
Wanda127 Champion Author Florida Posts:2,499 Points:915,005 Joined:May 2010	Message Posted: Apr 30, 2012 4:12:23 PM Ignore Wanda127 Report Abuse It needs to drop a lot more. It's still way too HIGH!
md11capt Champion Author Denver Posts:3,558 Points:709,980 Joined:Mar 2011	Message Posted: Apr 30, 2012 3:00:05 PM Ignore md11capt Report Abuse WHAT??!! The globe is grownin?
dh0770 Champion Author Colorado Posts:6,987 Points:672,460 Joined:Jun 2011	Message Posted: Apr 30, 2012 2:24:02 PM Ignore dh0770 Report Abuse Drops??? What a joke!
gbs1 Champion Author Minnesota Posts:1,996 Points:741,625 Joined:Mar 2011	Message Posted: Apr 30, 2012 1:39:00 PM Ignore gbs1 Report Abuse High oil prices=slow growth or no growth. Makes sense to me.
mladha All-Star Author Ontario Posts:903 Points:314,310 Joined:Mar 2010	Message Posted: Apr 30, 2012 1:02:49 PM Ignore mladha Report Abuse Good
qwerty17 Champion Author New Jersey Posts:3,650 Points:1,116,925 Joined:Oct 2009	Message Posted: Apr 30, 2012 12:39:14 PM Ignore qwerty17 Report Abuse i like drop.
Ticoman54 Champion Author Miami Posts:7,041 Points:1,491,795 Joined:Oct 2008	Message Posted: Apr 30, 2012 12:23:23 PM Ignore Ticoman54 Report Abuse Keep dropping. Outrageously overpriced.
kzrooster Champion Author Kalamazoo Posts:2,380 Points:516,525 Joined:Nov 2011	Message Posted: Apr 30, 2012 11:59:43 AM Ignore kzrooster Report Abuse Crude may drop but gas still is going up. It takes forever to see a drop in crude at the pump, but just moments when it goes up.
asog75 All-Star Author Indiana Posts:836 Points:278,405 Joined:Aug 2011	Message Posted: Apr 30, 2012 11:56:32 AM Ignore asog75 Report Abuse still over priced by $35.00 a barrel
OTISFL Champion Author Pensacola Posts:4,605 Points:864,840 Joined:Apr 2009	Message Posted: Apr 30, 2012 11:52:43 AM Ignore OTISFL Report Abuse Continue to drop---as in around $2.00 per gallon!!! Election won't mean jack diddly now with Romeney who is about the same as Bummer Bama.
peakkeller Champion Author Colorado Springs Posts:1,686 Points:776,375 Joined:Dec 2009	Message Posted: Apr 30, 2012 11:49:58 AM Ignore peakkeller Report Abuse Good
jakessoccermom Sophomore Author Wisconsin Posts:199 Points:617,920 Joined:May 2010	Message Posted: Apr 30, 2012 11:29:46 AM Ignore jakessoccermom Report Abuse Oil prices and global growth are joined at the hip. You can't have global growth without oil and if oil supply continues to be a problem (when is it not) then we can expect global growth to backslide.
WildmanMick Veteran Author North Carolina Posts:426 Points:316,540 Joined:May 2011	Message Posted: Apr 30, 2012 10:57:00 AM Ignore WildmanMick Report Abuse If " oil prices" were really worried about "global growth concerns", they would be around $50/barrel. "Oil prices" is the major enemy of "global growth"...
vcsuksu21 Champion Author Oklahoma City Posts:2,473 Points:707,005 Joined:Dec 2010	Message Posted: Apr 30, 2012 10:54:10 AM Ignore vcsuksu21 Report Abuse good, the free market is working
tatker Champion Author Asheville Posts:1,960 Points:559,605 Joined:Dec 2010	Message Posted: Apr 30, 2012 10:49:11 AM Ignore tatker Report Abuse Thanks Obama... sacrasm.
MustangRacing Champion Author Virginia Posts:1,838 Points:649,235 Joined:May 2011	Message Posted: Apr 30, 2012 10:37:23 AM Ignore MustangRacing Report Abuse Need it down around $70
bluebird1 Champion Author Toronto Posts:15,732 Points:3,108,065 Joined:May 2004	Message Posted: Apr 30, 2012 10:35:46 AM Ignore bluebird1 Report Abuse But not dropping much based on stockpiles - plus look at the spread!!!
amoshins Champion Author Trenton Posts:2,190 Points:641,420 Joined:Apr 2011	Message Posted: Apr 30, 2012 10:33:05 AM Ignore amoshins Report Abuse 2.2% economic growth Jan-MAr with rising fuel prices is not sustainable
FPLREP Champion Author Virginia Posts:8,259 Points:2,448,210 Joined:Oct 2005	Message Posted: Apr 30, 2012 10:22:00 AM Ignore FPLREP Report Abuse Is anyone out there seeing that high "fuel' prices are collapsing economies everywhere?
DYSKYPILOT Champion Author Fort Worth Posts:2,897 Points:625,480 Joined:Mar 2006	Message Posted: Apr 30, 2012 10:21:51 AM Ignore DYSKYPILOT Report Abuse Needs to drop more.