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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
Category: Daily News Article Discussions > Topics Add to favorite topics  
Author Topic: Oil Declines as Norway Ends Strike, China Curbs Imports Back to Topics
REPLIES (newest first) Post a Reply
GOBUTLER
Champion Author Indianapolis

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Message Posted: Jul 11, 2012 7:48:05 AM

This dude works for FAT PROPHETS!!!!!!!
crreed1
Champion Author West Virginia

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Message Posted: Jul 10, 2012 11:16:41 PM

starting back up here
Dodge_Me
Champion Author Atlanta

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Message Posted: Jul 10, 2012 11:10:15 PM

hmm, some good news
goldseeker
Champion Author West Virginia

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Message Posted: Jul 10, 2012 11:08:42 PM

Doesn't mean a lot as pump prices are headed up.
Brunduski
All-Star Author Missouri

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Message Posted: Jul 10, 2012 11:00:23 PM

That's nice
pgerassi
Champion Author Milwaukee

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Message Posted: Jul 10, 2012 10:56:59 PM

OK
tco9436
Champion Author Connecticut

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Message Posted: Jul 10, 2012 10:56:54 PM

Rises here
danreino
Champion Author Twin Cities

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Message Posted: Jul 10, 2012 10:54:31 PM

So on with the smorGASboard huh...
Jeeputtputt
Champion Author Ohio

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Message Posted: Jul 10, 2012 10:52:19 PM

sorry u posted this.......
drobbbb
Champion Author Maryland

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Message Posted: Jul 10, 2012 10:44:47 PM

ok
naiiawah
Champion Author Boise

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Message Posted: Jul 10, 2012 10:43:41 PM

ok
jessek
Champion Author Detroit

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Message Posted: Jul 10, 2012 10:41:45 PM

So what happens to the price of gasoline.
satrn38mpg
Champion Author Raleigh

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Message Posted: Jul 10, 2012 10:41:03 PM

ok
walkingtall
Champion Author Toronto

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Message Posted: Jul 10, 2012 10:40:22 PM

There's something foreign that drives prices up.
bonzoonfmb
Champion Author Florida

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Message Posted: Jul 10, 2012 10:38:28 PM

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?!
REKEY
Champion Author South Carolina

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Message Posted: Jul 10, 2012 10:34:26 PM

Always something foreign that drives our prices at the pump.
PDQBlues
Champion Author San Diego

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Message Posted: Jul 10, 2012 10:33:52 PM

Keep those oil & gas prices falling!
WIPACKERFAN
Champion Author Chicago

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Message Posted: Jul 10, 2012 10:31:01 PM

Make this a long run of down turn.
camel1
Champion Author Minnesota

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Message Posted: Jul 10, 2012 10:27:52 PM

finally
mcmonsta
Champion Author Honolulu

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Message Posted: Jul 10, 2012 10:27:17 PM

if china finds oil , forget the rest of the world for them to import from
mstearno
Champion Author Dayton

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Message Posted: Jul 10, 2012 10:22:09 PM

China is smart
wayoung56
Champion Author Alabama

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Message Posted: Jul 10, 2012 10:20:25 PM

Interesting article...
bif65
Champion Author Virginia

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Message Posted: Jul 10, 2012 10:18:46 PM

ok
CAroadrunner101
Champion Author California

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Message Posted: Jul 10, 2012 10:16:05 PM

and...
tessnlu
Champion Author Missouri

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Message Posted: Jul 10, 2012 10:15:50 PM

ok
TRAIN RIDER
Champion Author San Bernardino

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Message Posted: Jul 10, 2012 10:14:15 PM

China was buying lots of oil a short time ago. Did they buy too much?
melvindale
Champion Author Michigan

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Message Posted: Jul 10, 2012 10:07:33 PM

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?
abcdMA
Champion Author Worcester

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Message Posted: Jul 10, 2012 10:05:55 PM

signs of a stagnating economy
dicrok9438
Rookie Author Chicago

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Message Posted: Jul 10, 2012 10:03:40 PM

still too high
grandamgt1
Champion Author Illinois

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Message Posted: Jul 10, 2012 10:03:00 PM

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.
96sc1
Champion Author El Paso

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Message Posted: Jul 10, 2012 10:02:11 PM

I thought everyone in Norway was happy all the time.
clermont40miles
Champion Author Cincinnati

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Message Posted: Jul 10, 2012 9:58:47 PM

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.

.
lewpuckett
Champion Author Georgia

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Message Posted: Jul 10, 2012 9:55:48 PM

still way too high
DustyHorse
Champion Author Virginia

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Message Posted: Jul 10, 2012 9:54:36 PM

Oil is still way too high. This just demonstrates that the speculators just can't wait to run up prices.
OGW
Champion Author London

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Message Posted: Jul 10, 2012 9:54:17 PM

Haven't seen any evidence of a drop on the street yet.
Is246
Champion Author Albuquerque

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Message Posted: Jul 10, 2012 9:51:26 PM

Needs to drop more.
AnObserver
Champion Author New Jersey

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Message Posted: Jul 10, 2012 9:46:06 PM

A few aspects of the Law of Supply and Demand
RUNNINONEMPTYFL
Champion Author Florida

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Message Posted: Jul 10, 2012 9:45:47 PM

Here we go again...
bojiway1
Champion Author Minnesota

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Message Posted: Jul 10, 2012 9:45:37 PM

ok
indrix
All-Star Author Toronto

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Message Posted: Jul 10, 2012 9:40:47 PM

Ok.
IUVidiot
Champion Author Indiana

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Message Posted: Jul 10, 2012 9:36:47 PM

ok
Tucker16
Champion Author Ottawa

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Message Posted: Jul 10, 2012 9:32:35 PM

Good.
kishoreCA
Champion Author Ventura

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Message Posted: Jul 10, 2012 9:30:42 PM

ups and downs....always.
rf6480
Champion Author Miami

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Message Posted: Jul 10, 2012 9:30:05 PM

Still not where it was within last 2 weeks. I saw $78
crashintuc34
Champion Author Tucson

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Message Posted: Jul 10, 2012 9:29:38 PM

Still too high.
Tekkersmom57
Champion Author Syracuse

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Message Posted: Jul 10, 2012 9:27:50 PM

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.
AKmailman
Champion Author Alaska

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Message Posted: Jul 10, 2012 9:25:14 PM

Any story to try and justify higher gas prices
suzmar
Champion Author Texas

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Message Posted: Jul 10, 2012 9:24:20 PM

Most new stories don't report news they just speculate on what might happen.
davenles
Champion Author Texas

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Message Posted: Jul 10, 2012 9:24:11 PM

I sure they will be able to find some reason to raise prices.
checkitnow
Champion Author Atlanta

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Message Posted: Jul 10, 2012 9:22:05 PM

hopefully the recent spike in pump prices will be short lived
drz614
Champion Author Harrisburg

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Message Posted: Jul 10, 2012 9:18:20 PM

has anyone else noticed the over use of 'probably' in bloomberg news headlines and articles? may as well say 'our wag'.
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