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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

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investmentdr Champion Author Cleveland Posts:4,034 Points:1,456,025 Joined:Sep 2008	Message Posted: Dec 21, 2012 8:30:40 PM Ignore investmentdr Report Abuse good news
PDQBlues Champion Author San Diego Posts:7,079 Points:1,449,300 Joined:Jan 2009	Message Posted: Dec 21, 2012 11:36:45 AM Ignore PDQBlues Report Abuse 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 All-Star Author New York Posts:838 Points:173,655 Joined:Nov 2012	Message Posted: Dec 21, 2012 7:51:14 AM Ignore endymion Report Abuse Can anybody explain why is the price of oil determined by speculators? Shouldn't supply and demand determine it?
OldMan322 Champion Author Illinois Posts:5,160 Points:1,595,715 Joined:Jul 2008	Message Posted: Dec 21, 2012 6:47:03 AM Ignore OldMan322 Report Abuse Take their money and run
gcalleja All-Star Author Miami Posts:919 Points:550,945 Joined:May 2011	Message Posted: Dec 21, 2012 5:16:54 AM Ignore gcalleja Report Abuse Good.
Bearcat500 Champion Author Cincinnati Posts:9,731 Points:1,632,250 Joined:Nov 2005	Message Posted: Dec 21, 2012 4:56:46 AM Ignore Bearcat500 Report Abuse OK
Yooperheart Champion Author Michigan Posts:3,425 Points:528,000 Joined:Feb 2010	Message Posted: Dec 21, 2012 4:56:27 AM Ignore Yooperheart Report Abuse Down there... NOT HERE!!
virostek Veteran Author Virginia Posts:423 Points:90,285 Joined:Oct 2012	Message Posted: Dec 21, 2012 4:53:23 AM Ignore virostek Report Abuse But got raised in the US.
cheap59 Champion Author Michigan Posts:4,240 Points:963,020 Joined:May 2010	Message Posted: Dec 21, 2012 4:41:51 AM Ignore cheap59 Report Abuse Let's hope that we follow!
daytonabiker All-Star Author Florida Posts:921 Points:202,795 Joined:Oct 2012	Message Posted: Dec 21, 2012 4:28:15 AM Ignore daytonabiker Report Abuse so , gasoline prices just went up 10 cent a gallon overnight here in Daytona all near the interstate highways
mar2100 Veteran Author Cleveland Posts:348 Points:16,925 Joined:Sep 2012	Message Posted: Dec 21, 2012 3:27:44 AM Ignore mar2100 Report Abuse ok
leeac Champion Author Ohio Posts:1,601 Points:434,880 Joined:Jan 2012	Message Posted: Dec 21, 2012 3:26:30 AM Ignore leeac Report Abuse It is a holiday. Gas prices way up. Merry Christmas.
hokieburgh Champion Author Virginia Posts:1,117 Points:465,375 Joined:Feb 2007	Message Posted: Dec 21, 2012 3:23:58 AM Ignore hokieburgh Report Abuse let's see how our elected officials can screw it all up.......
dh0770 Champion Author Colorado Posts:6,987 Points:672,460 Joined:Jun 2011	Message Posted: Dec 21, 2012 1:08:38 AM Ignore dh0770 Report Abuse Yes oil is a world market in a global economy, but it's Wall Street speculators that abuse that market!
iFueler Champion Author Durham Posts:64,423 Points:179,500 Joined:Nov 2012	Message Posted: Dec 21, 2012 12:33:35 AM Ignore iFueler Report Abuse oil is a world market
veemotors All-Star Author Alberta Posts:710 Points:66,620 Joined:Jun 2008	Message Posted: Dec 21, 2012 12:13:59 AM Ignore veemotors Report Abuse the world is switching to more electric.. oil will be more on its way out.
teamsimons Champion Author South Carolina Posts:2,478 Points:503,095 Joined:Aug 2011	Message Posted: Dec 21, 2012 12:13:33 AM Ignore teamsimons Report Abuse 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 Posts:8,233 Points:1,226,775 Joined:Dec 2009	Message Posted: Dec 21, 2012 12:10:17 AM Ignore Quick68 Report Abuse 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 Posts:14,918 Points:1,592,200 Joined:Jul 2008	Message Posted: Dec 21, 2012 12:08:04 AM Ignore RENEGADEGAS Report Abuse 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 Posts:5,958 Points:1,715,145 Joined:Mar 2004	Message Posted: Dec 21, 2012 12:06:56 AM Ignore gmcgas Report Abuse not likely to affect the pump prices anytime soon.
abk Champion Author Utah Posts:1,800 Points:656,200 Joined:Jan 2010	Message Posted: Dec 21, 2012 12:02:04 AM Ignore abk Report Abuse But pump prices go up for holiday travel.
krobp46 Champion Author Milwaukee Posts:2,716 Points:542,070 Joined:Sep 2011	Message Posted: Dec 20, 2012 11:58:28 PM Ignore krobp46 Report Abuse Up Down, sounds like sex
cutter1330 Champion Author Oklahoma Posts:8,040 Points:1,695,090 Joined:Jul 2005	Message Posted: Dec 20, 2012 11:58:14 PM Ignore cutter1330 Report Abuse Good for Asia.
WGW1 Champion Author British Columbia Posts:1,252 Points:391,190 Joined:Jun 2010	Message Posted: Dec 20, 2012 11:58:09 PM Ignore WGW1 Report Abuse Bad news is good news vice versa.
garyr86 Champion Author Michigan Posts:1,998 Points:604,665 Joined:Dec 2010	Message Posted: Dec 20, 2012 11:56:12 PM Ignore garyr86 Report Abuse Michigan gas pricses just sent me an e mail that gas prices are soon going to go up
kd5kpd Champion Author Texas Posts:3,742 Points:1,417,700 Joined:Apr 2006	Message Posted: Dec 20, 2012 11:54:58 PM Ignore kd5kpd Report Abuse Up & down every other day from speculation & manipulation!!
Delight777 Sophomore Author Cleveland Posts:228 Points:358,495 Joined:Oct 2011	Message Posted: Dec 20, 2012 11:54:24 PM Ignore Delight777 Report Abuse Good!
SHEP20715 Champion Author Maryland Posts:8,476 Points:1,715,820 Joined:Nov 2007	Message Posted: Dec 20, 2012 11:53:09 PM Ignore SHEP20715 Report Abuse It is a complete roller coaster ride
btex49 Champion Author Austin Posts:2,720 Points:531,080 Joined:Aug 2011	Message Posted: Dec 20, 2012 11:46:51 PM Ignore btex49 Report Abuse May we see a return to declining prices at the pump!
69Bonne Champion Author Gary Posts:1,155 Points:474,125 Joined:Sep 2005	Message Posted: Dec 20, 2012 11:46:51 PM Ignore 69Bonne Report Abuse Okay.....
Tigercat88 Champion Author North Carolina Posts:3,202 Points:617,840 Joined:Jul 2011	Message Posted: Dec 20, 2012 11:46:47 PM Ignore Tigercat88 Report Abuse GREED is what its all about.
Happytalk Champion Author Pennsylvania Posts:2,140 Points:578,840 Joined:May 2010	Message Posted: Dec 20, 2012 11:44:53 PM Ignore Happytalk Report Abuse down one day and up another
LilRedWagonIN Champion Author Indiana Posts:7,781 Points:1,556,110 Joined:Oct 2008	Message Posted: Dec 20, 2012 11:44:09 PM Ignore LilRedWagonIN Report Abuse Oil prices drop there and gasoline prices went up 25 cents here today.
defense Champion Author Grand Rapids Posts:1,373 Points:1,368,435 Joined:May 2004	Message Posted: Dec 20, 2012 11:41:37 PM Ignore defense Report Abuse ok
Cheney Champion Author Toronto Posts:2,024 Points:2,536,100 Joined:May 2004	Message Posted: Dec 20, 2012 11:39:08 PM Ignore Cheney Report Abuse nevertheless, fill up today.
rd2000 Champion Author Florida Posts:3,576 Points:687,970 Joined:Jul 2007	Message Posted: Dec 20, 2012 11:37:23 PM Ignore rd2000 Report Abuse All we are going to see is price rises at the pumps
TBONE3 Champion Author Pennsylvania Posts:8,751 Points:1,977,625 Joined:Mar 2005	Message Posted: Dec 20, 2012 11:30:50 PM Ignore TBONE3 Report Abuse Just watch the JUMPING PRICE BALL! Nothing is stable right now in the petroleum industry.
sprocketsplines Champion Author Washington Posts:1,687 Points:861,615 Joined:Oct 2010	Message Posted: Dec 20, 2012 11:28:01 PM Ignore sprocketsplines Report Abuse It's all relative. Even after the dip, Asian prices may still be higher than US prices.
BobD2009 Champion Author Long Island Posts:6,994 Points:1,240,760 Joined:Apr 2009	Message Posted: Dec 20, 2012 11:24:59 PM Ignore BobD2009 Report Abuse Obama is glad they didn't fall much here.
HailstormCA Champion Author San Diego Posts:7,860 Points:1,472,995 Joined:Nov 2008	Message Posted: Dec 20, 2012 11:24:24 PM Ignore HailstormCA Report Abuse Wait. That's not what I've been hearing.
Ray_10589 Champion Author New York Posts:4,951 Points:1,183,960 Joined:May 2009	Message Posted: Dec 20, 2012 11:22:46 PM Ignore Ray_10589 Report Abuse hope we see it at the punp
PetroScopper Champion Author Houston Posts:6,627 Points:1,550,950 Joined:Aug 2008	Message Posted: Dec 20, 2012 11:22:03 PM Ignore PetroScopper Report Abuse It is an absolute mess right now with our useless congress!
DrivingFool2 Champion Author Appleton Posts:8,592 Points:1,606,840 Joined:Apr 2005	Message Posted: Dec 20, 2012 11:19:39 PM Ignore DrivingFool2 Report Abuse Too much oil being sent there
comprof Champion Author Houston Posts:6,864 Points:1,357,725 Joined:Jul 2009	Message Posted: Dec 20, 2012 11:19:26 PM Ignore comprof Report Abuse Prices of everything fluctuate with supply and demand. Duh!
jetskijerry Champion Author North Carolina Posts:3,901 Points:773,245 Joined:Mar 2011	Message Posted: Dec 20, 2012 11:18:16 PM Ignore jetskijerry Report Abuse down
KrsnaDragon Champion Author Montreal Posts:2,412 Points:532,275 Joined:Nov 2011	Message Posted: Dec 20, 2012 11:17:12 PM Ignore KrsnaDragon Report Abuse Speculation breeds despair.
DirtDauber Champion Author San Antonio Posts:6,786 Points:1,628,435 Joined:Nov 2005	Message Posted: Dec 20, 2012 11:16:50 PM Ignore DirtDauber Report Abuse Up or down?
genoist Veteran Author Orlando Posts:341 Points:165,470 Joined:Nov 2008	Message Posted: Dec 20, 2012 11:16:42 PM Ignore genoist Report Abuse Yay for China.
comprof Champion Author Houston Posts:6,864 Points:1,357,725 Joined:Jul 2009	Message Posted: Dec 20, 2012 11:15:14 PM Ignore comprof Report Abuse Actually oil closed down $0.99.
LanguageMan1 Champion Author Tampa Posts:11,728 Points:1,662,765 Joined:Apr 2008	Message Posted: Dec 20, 2012 11:13:56 PM Ignore LanguageMan1 Report Abuse They'll rise and fall as normal, and rise more so in the long term.