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GasBuddy News Article

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SINGAPORE: Oil prices fell in Asia on Friday

The News -- With traders taking profits after a recent rally and as US politicians continue to wrangle over a deal to avert the fiscal cliff, analysts said.

New York's main contract, light sweet crude for delivery in February fell 70 cents to $89.43 a barrel and Brent North Sea crude for February dropped 45 cents to $109.75.

"After a big rally in price over the last few days people are happy to exit and reap a form of profit while taking risk off the table," Jason Hughes, the head of premium client management at IG Markets Singapore told.

"We are also seeing a more cautious approach in Asia just in case US politicians don't come to a resolution to avoid the fiscal cliff."

Crude prices rose earlier in the week on a sharper-than-expected fall in US crude inventories as lawmakers appeared to make h


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Submitted Dec 21, 2012 By: MidNJ
Category: Daily News Article Discussions > Topics Add to favorite topics  
Author Topic: SINGAPORE: Oil prices fell in Asia on Friday Back to Topics
REPLIES (newest first) Post a Reply
investmentdr
Champion Author Cleveland

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Message Posted: Dec 21, 2012 8:30:40 PM

good news
PDQBlues
Champion Author San Diego

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Message Posted: Dec 21, 2012 11:36:45 AM


endymion: Can anybody explain why is the price of oil determined by speculators? Shouldn't supply and demand determine it?

On a world market involving hundreds of different countries and jurisdictions, how do you propose to do that? Bidding wars on eBay perhaps? The idea that there is a "free market" economy in energy is pure fantasy. It just doesn't exist because it's too easily manipulated by the large corporations. Our best future path to address this manipulation is to develop a viable alternative energy source. Competition will help.
endymion
Champion Author New York

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Message Posted: Dec 21, 2012 7:51:14 AM


Can anybody explain why is the price of oil determined by speculators?

Shouldn't supply and demand determine it?
OldMan322
Champion Author Illinois

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Message Posted: Dec 21, 2012 6:47:03 AM

Take their money and run
gcalleja
Champion Author Miami

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Message Posted: Dec 21, 2012 5:16:54 AM

Good.
Bearcat500
Champion Author Cincinnati

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Message Posted: Dec 21, 2012 4:56:46 AM

OK
Yooperheart
Champion Author Michigan

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Message Posted: Dec 21, 2012 4:56:27 AM

Down there... NOT HERE!!
virostek
Veteran Author Virginia

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Message Posted: Dec 21, 2012 4:53:23 AM

But got raised in the US.
cheap59
Champion Author Michigan

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Message Posted: Dec 21, 2012 4:41:51 AM

Let's hope that we follow!
daytonabiker
Champion Author Florida

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Message Posted: Dec 21, 2012 4:28:15 AM

so , gasoline prices just went up 10 cent a gallon overnight here in Daytona
all near the interstate highways
mar2100
Veteran Author Cleveland

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Message Posted: Dec 21, 2012 3:27:44 AM

ok
leeac
Champion Author Ohio

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Message Posted: Dec 21, 2012 3:26:30 AM

It is a holiday. Gas prices way up. Merry Christmas.
hokieburgh
Champion Author Virginia

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Message Posted: Dec 21, 2012 3:23:58 AM

let's see how our elected officials can screw it all up.......
dh0770
Champion Author Colorado

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Message Posted: Dec 21, 2012 1:08:38 AM

Yes oil is a world market in a global economy, but it's Wall Street speculators that abuse that market!
iFueler
Champion Author Durham

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Message Posted: Dec 21, 2012 12:33:35 AM

oil is a world market
veemotors
Champion Author Alberta

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Message Posted: Dec 21, 2012 12:13:59 AM

the world is switching to more electric.. oil will be more on its way out.
teamsimons
Champion Author South Carolina

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Message Posted: Dec 21, 2012 12:13:33 AM

Oil prices may have fallen in Asia. We have seen some relief on gas prices recently. However, one article on SouthCarolinaGasPrices.com today indicates that the party may soon be over.
Quick68
Champion Author Columbus

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Message Posted: Dec 21, 2012 12:10:17 AM

Our politicians caused the fiscal cliff. I believe that until their is a resolution to avoid the fiscal cliff our lawmakers should not get paid.
RENEGADEGAS
Champion Author Missouri

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Message Posted: Dec 21, 2012 12:08:04 AM

The US has become the laughing stock of the world and other countries are making profits off of our current regimes inability to govern and lead.
gmcgas
Champion Author Atlanta

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Message Posted: Dec 21, 2012 12:06:56 AM

not likely to affect the pump prices anytime soon.
abk
Champion Author Utah

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Message Posted: Dec 21, 2012 12:02:04 AM

But pump prices go up for holiday travel.
krobp46
Champion Author Milwaukee

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Message Posted: Dec 20, 2012 11:58:28 PM

Up Down, sounds like sex
cutter1330
Champion Author Oklahoma

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Message Posted: Dec 20, 2012 11:58:14 PM

Good for Asia.
WGW1
Champion Author British Columbia

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Message Posted: Dec 20, 2012 11:58:09 PM

Bad news is good news vice versa.
garyr86
Champion Author Michigan

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Message Posted: Dec 20, 2012 11:56:12 PM

Michigan gas pricses just sent me an e mail that gas prices are soon going to go up
kd5kpd
Champion Author Texas

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Message Posted: Dec 20, 2012 11:54:58 PM

Up & down every other day from speculation & manipulation!!
Delight777
Sophomore Author Cleveland

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Message Posted: Dec 20, 2012 11:54:24 PM

Good!
SHEP20715
Champion Author Maryland

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Message Posted: Dec 20, 2012 11:53:09 PM

It is a complete roller coaster ride
btex49
Champion Author Austin

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Message Posted: Dec 20, 2012 11:46:51 PM

May we see a return to declining prices at the pump!
69Bonne
Champion Author Gary

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Message Posted: Dec 20, 2012 11:46:51 PM

Okay.....
Tigercat88
Champion Author North Carolina

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Message Posted: Dec 20, 2012 11:46:47 PM

GREED is what its all about.
Happytalk
Champion Author Pennsylvania

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Message Posted: Dec 20, 2012 11:44:53 PM

down one day and up another
LilRedWagonIN
Champion Author Indiana

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Message Posted: Dec 20, 2012 11:44:09 PM

Oil prices drop there and gasoline prices went up 25 cents here today.
defense
Champion Author Grand Rapids

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Message Posted: Dec 20, 2012 11:41:37 PM

ok
Cheney
Champion Author Toronto

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Message Posted: Dec 20, 2012 11:39:08 PM

nevertheless, fill up today.
rd2000
Champion Author Florida

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Message Posted: Dec 20, 2012 11:37:23 PM

All we are going to see is price rises at the pumps
TBONE3
Champion Author Pennsylvania

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Message Posted: Dec 20, 2012 11:30:50 PM

Just watch the JUMPING PRICE BALL! Nothing is stable right now in the petroleum industry.
sprocketsplines
Champion Author Washington

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Message Posted: Dec 20, 2012 11:28:01 PM

It's all relative. Even after the dip, Asian prices may still be higher than US prices.
BobD2009
Champion Author Long Island

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Message Posted: Dec 20, 2012 11:24:59 PM

Obama is glad they didn't fall much here.
HailstormCA
Champion Author San Diego

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Message Posted: Dec 20, 2012 11:24:24 PM

Wait. That's not what I've been hearing.
Ray_10589
Champion Author New York

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Message Posted: Dec 20, 2012 11:22:46 PM

hope we see it at the punp
PetroScopper
Champion Author Houston

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Message Posted: Dec 20, 2012 11:22:03 PM

It is an absolute mess right now with our useless congress!
DrivingFool2
Champion Author Appleton

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Message Posted: Dec 20, 2012 11:19:39 PM

Too much oil being sent there
comprof
Champion Author Houston

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Message Posted: Dec 20, 2012 11:19:26 PM

Prices of everything fluctuate with supply and demand. Duh!
jetskijerry
Champion Author North Carolina

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Message Posted: Dec 20, 2012 11:18:16 PM

down
KrsnaDragon
Champion Author Montreal

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Message Posted: Dec 20, 2012 11:17:12 PM

Speculation breeds despair.
DirtDauber
Champion Author San Antonio

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Message Posted: Dec 20, 2012 11:16:50 PM

Up or down?
genoist
Veteran Author Orlando

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Message Posted: Dec 20, 2012 11:16:42 PM

Yay for China.
comprof
Champion Author Houston

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Message Posted: Dec 20, 2012 11:15:14 PM

Actually oil closed down $0.99.
LanguageMan1
Champion Author Tampa

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Message Posted: Dec 20, 2012 11:13:56 PM

They'll rise and fall as normal, and rise more so in the long term.
ShadowACE
Champion Author Boston

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Message Posted: Dec 20, 2012 11:13:10 PM

And how long will it take for this to make a difference at the station down the street from here?
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