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Oil Declines as Norway Ends Strike, China Curbs Imports

Bloomberg -- Oil dropped from the highest close in two days after Norway ended an energy strike that threatened to halt production by western Europe’s largest crude exporter and China curbed purchases of the commodity.

Futures slipped as much as 1.6 percent after the Norwegian government ordered compulsory arbitration in the dispute, preventing a lockout of platform workers that was scheduled to start at midnight yesterday. Norway pumped 1.63 million barrels of oil a day in May, or about 1.8 percent of global consumption, data from the Norwegian Petroleum Directorate show. China’s net crude imports fell to the lowest level this year, according to customs data today.

“It was looking like the strike was going to deteriorate further,” said David Lennox, an analyst at Fat Prophets in Sydney. “That risk

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Submitted Jul 10, 2012 By: angel4me
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GOBUTLER
Champion Author Indianapolis

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Message Posted: Jul 11, 2012 5:48:05 AM
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This dude works for FAT PROPHETS!!!!!!!
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crreed1
Champion Author West Virginia

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Message Posted: Jul 10, 2012 9:16:41 PM
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starting back up here
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Dodge_Me
Champion Author Atlanta

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Message Posted: Jul 10, 2012 9:10:15 PM
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hmm, some good news
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goldseeker
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Message Posted: Jul 10, 2012 9:08:42 PM
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Doesn't mean a lot as pump prices are headed up.
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Brunduski
All-Star Author Missouri

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Message Posted: Jul 10, 2012 9:00:23 PM
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That's nice
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pgerassi
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OK
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tco9436
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Rises here
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danreino
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Message Posted: Jul 10, 2012 8:54:31 PM
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So on with the smorGASboard huh...
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Jeeputtputt
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Message Posted: Jul 10, 2012 8:52:19 PM
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sorry u posted this.......
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drobbbb
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ok
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naiiawah
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ok
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jessek
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Message Posted: Jul 10, 2012 8:41:45 PM
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So what happens to the price of gasoline.
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satrn38mpg
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ok
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walkingtall
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Message Posted: Jul 10, 2012 8:40:22 PM
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There's something foreign that drives prices up.
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bonzoonfmb
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Message Posted: Jul 10, 2012 8:38:28 PM
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We are supposed to listen to some analyst that works at a company called "Fat Prophets?" Gas prices go up because of a decrease in production from Norway?!
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REKEY
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Always something foreign that drives our prices at the pump.
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PDQBlues
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Keep those oil & gas prices falling!
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WIPACKERFAN
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Make this a long run of down turn.
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camel1
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finally
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mcmonsta
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Message Posted: Jul 10, 2012 8:27:17 PM
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if china finds oil , forget the rest of the world for them to import from
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mstearno
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China is smart
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wayoung56
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Interesting article...
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bif65
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ok
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CAroadrunner101
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and...
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tessnlu
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ok
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TRAIN RIDER
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Message Posted: Jul 10, 2012 8:14:15 PM
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China was buying lots of oil a short time ago. Did they buy too much?
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melvindale
Champion Author Michigan

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Message Posted: Jul 10, 2012 8:07:33 PM
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Yes, yes oil is down, oil is down. But, somehow, gasoline is still up (or at least not down nearly as much as oil). How can that be?
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abcdMA
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Message Posted: Jul 10, 2012 8:05:55 PM
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signs of a stagnating economy
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dicrok9438
Rookie Author Chicago

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Message Posted: Jul 10, 2012 8:03:40 PM
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still too high
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grandamgt1
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Message Posted: Jul 10, 2012 8:03:00 PM
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Hard to tell. It hasn't impacted local prices yet. If the story was China places more orders, norway set to strike prices would spike overnight.
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96sc1
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Message Posted: Jul 10, 2012 8:02:11 PM
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I thought everyone in Norway was happy all the time.
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clermont40miles
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Message Posted: Jul 10, 2012 7:58:47 PM
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WTI crude and CHICAGO gasoline prices dropped 2.4% today.

It will take a week to drift down the same amount.

Of course the rascals immediately raise pump price like a rocket upon rising market prices.

When market drops, like today, pump price drifts down like a feather.

It's all part of the gouging process. We know the drill but can do nothing about it other than minimize our costs.

.
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lewpuckett
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Message Posted: Jul 10, 2012 7:55:48 PM
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still way too high
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DustyHorse
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Message Posted: Jul 10, 2012 7:54:36 PM
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Oil is still way too high. This just demonstrates that the speculators just can't wait to run up prices.
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OGW
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Message Posted: Jul 10, 2012 7:54:17 PM
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Haven't seen any evidence of a drop on the street yet.
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Is246
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Message Posted: Jul 10, 2012 7:51:26 PM
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Needs to drop more.
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AnObserver
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Message Posted: Jul 10, 2012 7:46:06 PM
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A few aspects of the Law of Supply and Demand
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RUNNINONEMPTYFL
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Message Posted: Jul 10, 2012 7:45:47 PM
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Here we go again...
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bojiway1
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Message Posted: Jul 10, 2012 7:45:37 PM
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ok
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indrix
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Message Posted: Jul 10, 2012 7:40:47 PM
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Ok.
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IUVidiot
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ok
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Tucker16
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Message Posted: Jul 10, 2012 7:32:35 PM
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Good.
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kishoreCA
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ups and downs....always.
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rf6480
Champion Author Miami

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Message Posted: Jul 10, 2012 7:30:05 PM
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Still not where it was within last 2 weeks. I saw $78
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crashintuc34
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Message Posted: Jul 10, 2012 7:29:38 PM
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Still too high.
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Tekkersmom57
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Message Posted: Jul 10, 2012 7:27:50 PM
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Oil definitely should not have jumped the over $8/barrel that it did. This is such a game that the speculators play and we are along for the ride whether we like it or not.
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AKmailman
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Message Posted: Jul 10, 2012 7:25:14 PM
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Any story to try and justify higher gas prices
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suzmar
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Message Posted: Jul 10, 2012 7:24:20 PM
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Most new stories don't report news they just speculate on what might happen.
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davenles
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Message Posted: Jul 10, 2012 7:24:11 PM
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I sure they will be able to find some reason to raise prices.
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checkitnow
Champion Author Atlanta

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Message Posted: Jul 10, 2012 7:22:05 PM
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hopefully the recent spike in pump prices will be short lived
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