Oil prices fall after last week's surge, strike action

[Omaha Steve]

Source: Reuters

BY HENNING GLOYSTEIN SINGAPORE

Crude oil prices fell early on Monday after U.S. unions called a refinery strike and traders cashed in on strong price gains last week when the market soared more than 8 percent on a sharp drop in U.S. drilling.

Brent crude oil futures were trading at $51.63 a barrel at 0130 GMT, down $1.36, while U.S. WTI futures had dropped $1.37 to $46.87 a barrel.

The declines followed a jump back from six-year lows on Friday, as a record weekly decline in U.S. oil drilling fueled a frenzy of short-covering.

Analysts said the drops on Monday were a result of profit-taking after last week's gains, as well as rising output by OPEC that was offsetting the U.S. drilling cuts.

FULL story at link.



Read more: http://www.reuters.com/article/2015/02/02/us-markets-oil-idUSKBN0L601K20150202

[Demeter]

1. Thanks, Steve

[fasttense]

2. See protests do have a direct and immediate impact

Unions calling for a refinery strike has brought the price of gas down. Reuters says so.

[Andy823]

5. It's up now

$49.07 a few minutes ago. It was around $45.00 last Friday.

The oil companies will stretch this out in order to raise the prices, and it already is doing just that.

[Johnny Rash]

3. This issue is becoming too HOT for me!

I fear that if I continue to listen to it, I might get seriously CONFUSED!

Especially, when the REALITY shows clearly "how" Big OIL Barons will benefit from the current situation, not once but twice.

It going to take place when the CRUDE OIL Prices go back up again to 2008's prices level; The COST of Production won't even been an issue anymore.

[durablend]

4. Gasoline prices WAY up already

About 25 cents on the market since last week. Not long before that's reflected at the pump.