“NEW YORK (CNNMoney) 05/06/11 -- Commodities remained under pressure Friday, with oil hovering below $100 a barrel and silver continuing to slide. A stronger-than-expected report on the labor market weighed on the dollar.
Oil slipped 66 cents to $99.14 a barrel following the report. Before the data came out, oil was 3% lower. On Thursday, crude sank nearly 9% -- the biggest one-day percentage drop in two years.
Crude prices neared $114 a barrel last month as fears about supplies took hold following escalating violence in Libya. But as investors got 'accustomed' to those concerns, oil prices became mired in a fairly tight range...until this week”
And yet… as the price went up, because it’s (heinously) based on speculation in the market, the price at the pump escalated sometimes more than once per day. Now explain this to me – do gas stations ORDER their supplies multiple times per day? No. Yet they raise their prices multiple times per week… and, as I’ve witnessed 1st hand, sometimes multiple times per day. And now that the crude price has dropped $15 per barrel – why is it not lowering at the pump in like fashion????
There is ALWAYS a different explanation. Most recently, it is that the actual price quoted in these articles is a specific type of crude, from a specific area/market…and that doesn’t reflect the price that most of the oil comes from. Umm.so why are they using this false indicator, then? You mean that they are speculating on an oil price that is false? Riiight.
What will be the reason TODAY for the price not going down?
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