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Oil slips below $74 as U.S. driving season ends

Reuters -- Monday September 6, 2010, 12:55 pm EDT - By Christopher Johnson

LONDON (Reuters) - U.S. oil prices slipped below $74 per barrel on Monday as the end of the U.S. driving season and high levels of unemployment in the world's biggest oil consumer raised concerns over the outlook for demand.

The U.S. Labor Day holiday, which marks the traditional end of American summer holidays when gasoline demand peaks, kept volume low in many markets.

U.S. crude for October delivery was down 65 cents at $73.95 a barrel by 1638 GMT (12:38 p.m. EDT)...

"The U.S. (oil futures) complex is coming under considerable pressure from the end of the driving season and the high inventory levels, while bearish employment data continues to undermine hopes of economic recovery," said David Wech ...

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Submitted Sep 06, 2010 By: brbaritone

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REPLIES (newest first)

lgppa Champion Author Pennsylvania Posts:11,523 Points:495,160 Joined:Sep 2010	Message Posted: Oct 15, 2010 4:17:44 PM Ignore lgppa Report Abuse I wished it had stayed that low for the rest of year!
remay Champion Author Houston Posts:4,696 Points:1,654,720 Joined:May 2006	Message Posted: Sep 8, 2010 7:44:12 AM Ignore remay Report Abuse "... end of the U.S. driving season ..." Ok, time to park the car until NEXT year?
alterman156 Champion Author New York Posts:5,085 Points:1,090,000 Joined:Dec 2008	Message Posted: Sep 7, 2010 7:22:01 PM Ignore alterman156 Report Abuse Maybe gasoline prices will fall further.
Nicoalbum Champion Author Ottawa Posts:3,576 Points:722,260 Joined:Jan 2010	Message Posted: Sep 7, 2010 4:13:08 PM Ignore Nicoalbum Report Abuse The news that has been expected.
ScottTee Champion Author Detroit Posts:2,083 Points:601,200 Joined:Mar 2010	Message Posted: Sep 7, 2010 10:39:25 AM Ignore ScottTee Report Abuse prices have not yet fallen in this area (Detroit)
derKraut Champion Author Ontario Posts:1,667 Points:847,780 Joined:Dec 2008	Message Posted: Sep 7, 2010 6:33:34 AM Ignore derKraut Report Abuse And may it stay low.
ENORMS Champion Author Colorado Posts:3,014 Points:1,171,335 Joined:Sep 2006	Message Posted: Sep 7, 2010 5:56:56 AM Ignore ENORMS Report Abuse Let's see a price drop at the pump now!
OnTheWater Champion Author Orange County Posts:2,123 Points:622,380 Joined:Nov 2009	Message Posted: Sep 7, 2010 1:05:03 AM Ignore OnTheWater Report Abuse Keep on dropping! Hopefully this Fall/Winter we will see gas prices drop off dramatically. Because we sure didn't see that happen last year!!!!
PDQBlues Champion Author San Diego Posts:4,706 Points:980,350 Joined:Jan 2009	Message Posted: Sep 7, 2010 12:39:46 AM Ignore PDQBlues Report Abuse ... and the price of gas is falling, too.
granitestater Champion Author New Hampshire Posts:6,309 Points:1,017,395 Joined:Oct 2008	Message Posted: Sep 7, 2010 12:03:34 AM Ignore granitestater Report Abuse Because that's what the A-Rabs are selling theirs for. They are the market leaders.
Jeff4U Champion Author Atlanta Posts:5,960 Points:1,385,345 Joined:Nov 2004	Message Posted: Sep 6, 2010 11:53:28 PM Ignore Jeff4U Report Abuse Oil at $74 is well overpriced. How this range can be sustained is beyond logic or fundamental basics.
runout9 Champion Author New Jersey Posts:3,144 Points:958,700 Joined:Dec 2008	Message Posted: Sep 6, 2010 11:33:36 PM Ignore runout9 Report Abuse Let's see crude & pump prices do the limbo.
Huskersed All-Star Author Atlanta Posts:703 Points:337,950 Joined:Nov 2008	Message Posted: Sep 6, 2010 11:09:06 PM Ignore Huskersed Report Abuse That's more like it.
Bussman Champion Author Dallas Posts:3,862 Points:991,680 Joined:Nov 2008	Message Posted: Sep 6, 2010 11:08:51 PM Ignore Bussman Report Abuse We'll see how much further pump prices decline.
northeast2 Champion Author New York Posts:2,666 Points:751,055 Joined:Mar 2008	Message Posted: Sep 6, 2010 10:41:06 PM Ignore northeast2 Report Abuse Yeah, let's hear those bears roar as they head into hibernation for the heating season!
NekoSJG Champion Author San Jose Posts:3,230 Points:570,055 Joined:Jun 2010	Message Posted: Sep 6, 2010 10:24:48 PM Ignore NekoSJG Report Abuse It's good to see oil decline and put pressure on the other energy sources as well.
MidNJ Champion Author New Jersey Posts:4,623 Points:738,520 Joined:Sep 2009	Message Posted: Sep 6, 2010 10:17:10 PM Ignore MidNJ Report Abuse Let the bear market continue!
brbaritone Champion Author Virginia Posts:1,069 Points:1,269,755 Joined:Jan 2007	Message Posted: Sep 6, 2010 9:48:47 PM Ignore brbaritone Report Abuse "'I don't see any immediate signs of an upside. All the fundamental factors look very weak,' Wech added." Fundamental factors have been very weak for months now. Here's hoping that the last supports are being kicked out from under the price of oil. Labor Day is over, let's see the oil market decline.