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Oil falls below $97 per barrel as ample supplies weigh on US crude prices

Associated Press -- The price of oil slipped back below $97 a barrel Tuesday after a sharp rise the day before as supply remains ample and demand tepid.

Benchmark oil for March delivery was down 13 cents to $96.90 at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract on Monday gained $1.31 to finish at $97.03 a barrel on the Nymex as the euro strengthened against the dollar.

A strong euro tends to result in higher oil prices by making crude priced in dollars cheaper for traders using currencies other than the greenback.

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Submitted Feb 12, 2013 By: RENEGADEGAS

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honda0105 Champion Author Tallahassee Posts:18,632 Points:1,610,495 Joined:Nov 2008	Message Posted: Feb 17, 2013 5:43:11 AM Ignore honda0105 Report Abuse lots of BS to put sand into the eyes of the consumer.
honda0105 Champion Author Tallahassee Posts:18,632 Points:1,610,495 Joined:Nov 2008	Message Posted: Feb 16, 2013 3:42:59 AM Ignore honda0105 Report Abuse definitely NO supply & demand at work here.
honda0105 Champion Author Tallahassee Posts:18,632 Points:1,610,495 Joined:Nov 2008	Message Posted: Feb 16, 2013 3:42:31 AM Ignore honda0105 Report Abuse medic: nothing wrong from Pig Oil's point of view lol
Medic55 Veteran Author Columbia Posts:464 Points:914,150 Joined:Dec 2009	Message Posted: Feb 15, 2013 9:57:20 PM Ignore Medic55 Report Abuse And yet gas prices continue to rise. What's wrong with this picture?
honda0105 Champion Author Tallahassee Posts:18,632 Points:1,610,495 Joined:Nov 2008	Message Posted: Feb 15, 2013 3:57:11 AM Ignore honda0105 Report Abuse and pump prices climb like crazy. Diesel jumped from 3.94 to 4.19 in 3 days.
virostek Veteran Author Virginia Posts:423 Points:90,285 Joined:Oct 2012	Message Posted: Feb 13, 2013 5:26:48 AM Ignore virostek Report Abuse OK.
SkooterG Champion Author Phoenix Posts:1,359 Points:329,335 Joined:May 2012	Message Posted: Feb 13, 2013 12:08:14 AM Ignore SkooterG Report Abuse So why are prices skyrocketing at the pumps?
TIGERPAW46 Champion Author Florida Posts:7,136 Points:1,357,630 Joined:Mar 2004	Message Posted: Feb 12, 2013 11:01:01 PM Ignore TIGERPAW46 Report Abuse It never should have gone that high to begin with. We all know why they keep getting away with robbing we the people.
mrreferee Champion Author Savannah Posts:1,341 Points:558,605 Joined:Jun 2011	Message Posted: Feb 12, 2013 11:00:45 PM Ignore mrreferee Report Abuse but does not show at pump...kinda weird....
SLU2 Champion Author Philadelphia Posts:16,429 Points:3,147,035 Joined:Sep 2003	Message Posted: Feb 12, 2013 10:47:34 PM Ignore SLU2 Report Abuse It only takes a week to go up over 10 cents but takes over a month to drop 10 cents....
bridgerunner Champion Author Virginia Posts:4,792 Points:1,007,810 Joined:Jul 2009	Message Posted: Feb 12, 2013 10:46:13 PM Ignore bridgerunner Report Abuse Our prices are going up.
Doomsday64 All-Star Author Austin Posts:869 Points:337,980 Joined:Apr 2011	Message Posted: Feb 12, 2013 10:43:39 PM Ignore Doomsday64 Report Abuse Gas prices need to drop now.
Pigboat Champion Author Oklahoma City Posts:14,830 Points:2,846,565 Joined:Mar 2005	Message Posted: Feb 12, 2013 10:43:04 PM Ignore Pigboat Report Abuse Get speculators OUT of the oil market and it wouldn't be so volatile.
CDMAuto Champion Author Connecticut Posts:3,798 Points:755,640 Joined:Apr 2011	Message Posted: Feb 12, 2013 10:42:08 PM Ignore CDMAuto Report Abuse It will be better when it falls under $50
Rooster922 Champion Author Wilmington Posts:3,798 Points:658,020 Joined:Jan 2009	Message Posted: Feb 12, 2013 10:40:47 PM Ignore Rooster922 Report Abuse Oh! really
mdskier Champion Author Maryland Posts:9,941 Points:1,783,755 Joined:Aug 2005	Message Posted: Feb 12, 2013 10:38:50 PM Ignore mdskier Report Abuse Greed continues, glut of oil AND high prices.
unicornpmb Champion Author Buffalo Posts:8,496 Points:1,630,490 Joined:Sep 2005	Message Posted: Feb 12, 2013 10:38:38 PM Ignore unicornpmb Report Abuse The signal to keep gas prices going up.
10k Champion Author North Carolina Posts:21,267 Points:2,255,970 Joined:May 2006	Message Posted: Feb 12, 2013 10:37:52 PM Ignore 10k Report Abuse knox: they tell me hemi, EW, PM, and correcting quit GB today-heard anything else ??..
defiancegasman Champion Author Ohio Posts:7,080 Points:1,323,260 Joined:May 2006	Message Posted: Feb 12, 2013 10:36:25 PM Ignore defiancegasman Report Abuse As GAS RISES ABOVE $3.75 a gallon on a GLUT OF OIL!!!
10k Champion Author North Carolina Posts:21,267 Points:2,255,970 Joined:May 2006	Message Posted: Feb 12, 2013 10:36:04 PM Ignore 10k Report Abuse meanwhile, regular jumped 5¢ and diesel jumped 20¢ at one of my reporting stations..
jjfisher All-Star Author Toledo Posts:547 Points:749,460 Joined:Aug 2008	Message Posted: Feb 12, 2013 10:32:59 PM Ignore jjfisher Report Abuse They get the quick profits whenever they want it and then it takes weeks before the price returns and we suffer the whole time.
yyc2yow All-Star Author Ottawa Posts:658 Points:571,310 Joined:Dec 2009	Message Posted: Feb 12, 2013 10:29:56 PM Ignore yyc2yow Report Abuse its going up anyway
Focus2 Champion Author Illinois Posts:7,892 Points:1,919,465 Joined:Mar 2006	Message Posted: Feb 12, 2013 10:28:19 PM Ignore Focus2 Report Abuse Looks like some speculators ran it up and cashed in!
BobD2009 Champion Author Long Island Posts:6,999 Points:1,241,735 Joined:Apr 2009	Message Posted: Feb 12, 2013 10:26:24 PM Ignore BobD2009 Report Abuse Prices are up at the pump.
Zonk Champion Author Michigan Posts:6,491 Points:2,103,965 Joined:Oct 2005	Message Posted: Feb 12, 2013 10:26:22 PM Ignore Zonk Report Abuse Prices hit $3.81 plus in Battle Creek today.
jtfftj Champion Author New Hampshire Posts:2,181 Points:1,250,030 Joined:Sep 2005	Message Posted: Feb 12, 2013 10:24:49 PM Ignore jtfftj Report Abuse Not weighing in the right direction.
KnoxGasPriceSpy Champion Author Knoxville Posts:140,879 Points:921,770 Joined:Oct 2010	Message Posted: Feb 12, 2013 10:24:37 PM Ignore KnoxGasPriceSpy Report Abuse HELP....
crreed1 Champion Author West Virginia Posts:1,995 Points:2,528,285 Joined:May 2005	Message Posted: Feb 12, 2013 10:24:13 PM Ignore crreed1 Report Abuse as high as 3.81 here
sehonda Champion Author Honolulu Posts:2,043 Points:916,985 Joined:May 2009	Message Posted: Feb 12, 2013 10:22:04 PM Ignore sehonda Report Abuse anything to keep prices high
BigLM Sophomore Author Memphis Posts:149 Points:237,055 Joined:Sep 2006	Message Posted: Feb 12, 2013 10:22:00 PM Ignore BigLM Report Abuse Another day, another story. If gasoline jumped when crude shot up recently why is gas still going up when crude prices dropped??? Just asking...
pa79th Champion Author Pennsylvania Posts:1,792 Points:1,218,050 Joined:Jun 2007	Message Posted: Feb 12, 2013 10:21:20 PM Ignore pa79th Report Abuse Another reason to raise the price at the pump.
Vette1967 Champion Author Albany Posts:5,972 Points:1,277,725 Joined:Jun 2009	Message Posted: Feb 12, 2013 10:21:09 PM Ignore Vette1967 Report Abuse Keep conserving and drive it down even further.
granitestater Champion Author New Hampshire Posts:8,835 Points:1,432,700 Joined:Oct 2008	Message Posted: Feb 12, 2013 10:20:43 PM Ignore granitestater Report Abuse Run that currency exchange by me again?
yakstar Champion Author Montreal Posts:2,430 Points:480,845 Joined:Jan 2012	Message Posted: Feb 12, 2013 10:20:38 PM Ignore yakstar Report Abuse ...with no end in sight!
tedjm1 Champion Author New York Posts:5,609 Points:800,300 Joined:Dec 2006	Message Posted: Feb 12, 2013 10:18:35 PM Ignore tedjm1 Report Abuse Will not cause much price reduction. GREED.
Bubba44612 Champion Author Ohio Posts:7,401 Points:1,878,055 Joined:Aug 2005	Message Posted: Feb 12, 2013 10:18:32 PM Ignore Bubba44612 Report Abuse Speculators feeding at the little guys tits again. Hope they starve themselves.
Bigwaynef Champion Author South Carolina Posts:11,487 Points:2,082,710 Joined:Dec 2006	Message Posted: Feb 12, 2013 10:16:53 PM Ignore Bigwaynef Report Abuse Gas may drop a penney each month at that rate!
EvPv Champion Author Maine Posts:1,043 Points:266,675 Joined:Feb 2011	Message Posted: Feb 12, 2013 10:14:58 PM Ignore EvPv Report Abuse over the years I read articles about why the market MOVED any direction that day. The reasons are usually chosen from a small handful of choices. When will a journalist write before the trading day underway what they think the market will do in the coming trading session?
Rageagainsttm Champion Author Tampa Posts:8,313 Points:1,904,930 Joined:Jul 2007	Message Posted: Feb 12, 2013 10:14:39 PM Ignore Rageagainsttm Report Abuse Gas prices need to drop now.
gocatgo Champion Author South Carolina Posts:15,664 Points:2,531,530 Joined:Apr 2006	Message Posted: Feb 12, 2013 10:14:30 PM Ignore gocatgo Report Abuse Now we will wait for gas prices to s l o w l y drop.
regout Champion Author Quebec Posts:2,960 Points:833,680 Joined:May 2010	Message Posted: Feb 12, 2013 10:13:51 PM Ignore regout Report Abuse Cost too much.
UpSol7 Champion Author Augusta Posts:1,659 Points:760,600 Joined:Sep 2008	Message Posted: Feb 12, 2013 10:13:14 PM Ignore UpSol7 Report Abuse Prices fluctuate.
craigsf38 Champion Author Rochester Posts:5,718 Points:1,511,980 Joined:Jun 2008	Message Posted: Feb 12, 2013 10:09:54 PM Ignore craigsf38 Report Abuse Old news
jetskijerry Champion Author North Carolina Posts:3,906 Points:774,220 Joined:Mar 2011	Message Posted: Feb 12, 2013 10:09:52 PM Ignore jetskijerry Report Abuse crooks
jetskijerry Champion Author North Carolina Posts:3,906 Points:774,220 Joined:Mar 2011	Message Posted: Feb 12, 2013 10:09:28 PM Ignore jetskijerry Report Abuse artificial pricing
danreino Champion Author Twin Cities Posts:8,358 Points:1,541,705 Joined:Mar 2008	Message Posted: Feb 12, 2013 10:09:22 PM Ignore danreino Report Abuse GAS PRICES ARE UP HERE 80 (EIGHTY) CENTS A GALLON IN THE LAST MONTH !!!!!!!
sjhman Veteran Author Atlanta Posts:410 Points:277,670 Joined:Sep 2008	Message Posted: Feb 12, 2013 10:09:16 PM Ignore sjhman Report Abuse Okay, is this gonna come down to the consumer too?
melvindale Champion Author Michigan Posts:1,438 Points:351,230 Joined:Jun 2011	Message Posted: Feb 12, 2013 10:08:29 PM Ignore melvindale Report Abuse Hoopty-doo - we are still seeing record high prices for this time of the year.
mfeldstein Champion Author Ottawa Posts:8,181 Points:1,932,430 Joined:Feb 2007	Message Posted: Feb 12, 2013 10:08:21 PM Ignore mfeldstein Report Abuse Way, way too close to $100.
boatfloyd Champion Author Jacksonville Posts:1,728 Points:389,925 Joined:Mar 2012	Message Posted: Feb 12, 2013 10:08:19 PM Ignore boatfloyd Report Abuse We should get a little price cut on gas, with the oil price being down, but don't hold your breath.