Oil falls below $84 amid waning EU euphoria

[Omaha Steve]

Source: AP-Excite

ALEX KENNEDY

SINGAPORE (AP) - Oil fell below $84 a barrel Monday in Asia amid waning euphoria over the latest EU plans to tackle the continent's debt and economic woes. Signs of a slowing Chinese economy also dragged crude down.

Benchmark oil for August delivery was down $1.32 at $83.64 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. In London, Brent crude for August delivery was down $1.39 at $96.41 per barrel on the ICE Futures exchange.

Crude soared $7.27 to close at $84.96 in New York on Friday after the leaders of the 27 European Union countries said that they would seek to centralize regulation of European banks and, if necessary, bail them out directly, instead of funneling loans through governments that already have too much debt.

The EU said it also plans to ease borrowing costs for Italy and Spain, the third- and fourth-largest of the 17 economies that use the euro, stop mandating painful budget cuts to every country in need of emergency financial aid and tie their budgets, currency and governments more tightly.

FULL story at link.



Read more: http://apnews.excite.com/article/20120702/D9VOKPAO3.html

[SkyDaddy7]

1. WTF!?!

$84 a barrels but gas is still more than $3.00 a gallon!

[Earth_First]

2. Oh hush! The cheap stuff will roll out in October/November... n/t

[may3rd]

4. The $2.50/gal thread prediction ?

http://www.democraticunderground.com/1014149895

I'm watching it fall and wonder how the oil producers will try to 'fix' the problem of world economic slump if people are not burning it today

[sarcasmo]

3. Keep on dropping.

[may3rd]

5. Iran threatens oil blockade ( Iran readies a trial balloon to inflate prices)

Iran threatened to trigger an international energy crisis when its parliament drafted a bill to blockade the Strait of Hormuz, the waterway to a fifth of the world’s traded oil.

The national security committee said it had prepared legislation authorising the closure of the Strait to tankers bound for the European Union. MPs said the move was designed to punish the EU after its embargo on Iranian oil exports came into force on Sunday.

Kayhan, a newspaper viewed as the mouthpiece of government hawks, carried an editorial calling for a blockade
“The US, Europe and some Gulf countries, particularly Saudi Arabia, should have no doubt that Iran will not hesitate to shut down the Strait of Hormuz if it is deprived of its obvious and legal right,” the editorial read.


http://www.telegraph.co.uk/news/worldnews/middleeast/iran/9371090/Iran-threatens-oil-blockade.html


That's just the ever popular Iranian members of parliament , getting their war drum groove on