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Crude Fall on Gain in Inventories, Bernanke Remarks

Bloomberg.com -- Oil fell for a third day after government data showed U.S. inventories rose to the highest level in more than five months and on expectations that the Federal Reserve won’t take new action to bolster the economy.

Prices fell as much as 1.2 percent after the Energy Department said supplies rose 4.16 million barrels to 344.9 million last week. Fed Chairman Ben S. Bernanke, in prepared testimony for Congress, gave no signal that the central bank is considering more measures to spur the economy and called the inflation outlook “subdued.”

“The big increase in inventories surprised people,” said Michael Lynch, president of Strategic Energy & Economic Research in Winchester, Massachusetts. “Everything fell after Bernanke’s comments. It suggests to people that hopes for big demand recovery


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Submitted Feb 29, 2012 By: robertscd
Category: Daily News Article Discussions > Topics Add to favorite topics  
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Vette1967
Champion Author Albany

Posts:8,300
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Message Posted: Feb 29, 2012 10:32:50 PM

The entire stock market drop too. It happens everytime he gets on the air and opens his mouth.
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txkrb
Champion Author Texas

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Message Posted: Feb 29, 2012 10:27:20 PM

We need oil prices to fall below $90 to get gas prices at least reasonable
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anascom
Champion Author Hamilton

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Message Posted: Feb 29, 2012 10:26:36 PM

same dirty see-saw game, all the time!
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WalRus49
Champion Author Boston

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Message Posted: Feb 29, 2012 10:10:08 PM

More organized mayhem and pillage...........
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johntxx
Champion Author Texas

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Message Posted: Feb 29, 2012 8:03:06 PM

To the The Price Right, "Come on down!"
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investmentdr
Champion Author Cleveland

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Message Posted: Feb 29, 2012 2:00:01 PM

moving in right direction
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buckets42
Champion Author New Jersey

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Message Posted: Feb 29, 2012 12:16:20 PM

Blip!
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dh0770
Champion Author Colorado

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Message Posted: Feb 29, 2012 11:53:27 AM

Up $15, down $1, some fall.
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amerk73
Champion Author Dallas

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Message Posted: Feb 29, 2012 11:52:06 AM

Brent Crude Oil
$121.39
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amerk73
Champion Author Dallas

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Message Posted: Feb 29, 2012 11:51:46 AM

WTI Crude Oil
$105.92
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RochBear
Champion Author Minnesota

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Message Posted: Feb 29, 2012 11:31:42 AM

Ben S. Bernanke has held interest rates artificially low for many many years. Inflation is NOT “subdued.” Inflation is alive and well, Look at the price of gas, and food. Those are the things everyone needs to buy on a regular basis, and their prices are going up and up.
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hornet17
Champion Author Vancouver

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Message Posted: Feb 29, 2012 11:23:18 AM

Oil prices rise = immediate gas increase... oil prices fall = "oh it takes 3-6 months for oil prices to reflect in the price of gas"
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kag2010
Champion Author Winnipeg

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Message Posted: Feb 29, 2012 11:16:34 AM

Maybe the speculators are getting nervous
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gawxnative
All-Star Author Atlanta

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Message Posted: Feb 29, 2012 11:13:14 AM

Everything is putting stress on planned income people (retired) so less optional spending
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ned23
Champion Author Columbus

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Message Posted: Feb 29, 2012 11:13:00 AM

Maybe the speculators are getting nervous about the possibility of intervention with the SPR and they're backing off.
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robertscd
Veteran Author Grand Rapids

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Message Posted: Feb 29, 2012 10:32:40 AM

Very bearish news, yet the price of oil is only down $0.50....
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