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Oil Prices... up..no.. down... no up... no down...

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posted on May, 5 2010 @ 09:43 AM
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there are two very conflicting headlines today and they came back to back...
the first was

May 5 (Bloomberg) -- Crude oil fell below $80 a barrel in New York as the euro dropped against the dollar on concern that Greeceā€™s bailout may have to be extended to other indebted nations.

Oil slipped as much as 4.3 percent as the common currency tumbled to its lowest level against the dollar since March 2009, curbing the appeal of commodities to investors. An Energy Department report today will probably show that U.S. stockpiles of crude rose 1 million barrels last week, based on the median of estimates from 16 analysts surveyed by Bloomberg News.

Link to stroy

now that's understandable people fearing the worse are getting out while the gettings good... However... at the same time we had another headline...

Oil Tops $100 for 2018 on Threat From BP Spill: Energy Markets

May 5 (Bloomberg) -- Crude oil futures for delivery in 2018 surged above $100 a barrel this week as the BP Plc oil spill in the Gulf of Mexico led the government to consider a halt in future drilling.

Link to that story

So there you have it
Prices for oil are up... no down... no there up... wait their down...




posted on May, 5 2010 @ 05:26 PM
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Good news for us drivers


June delivery crude oil prices have fallen more than $6 since Monday, shedding $3.14 from a prior settlement to $79.60 per barrel. Prices are dropping with a rise in the dollar triggered by concerns Greece could default on its debt, despite international aid.


And still falling
Source



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