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Oil May Slip Towards Mid-$80s as Europe Weighs: Survey

CNBC -- Oil prices will likely extend losses for a fifth-straight week as fears about a Greek exit from the euro zone and Spain's banking system continue to trigger outflows from riskier assets including commodities and into the relative safety of the U.S. dollar, according to CNBC's weekly survey of oil market sentiment.

Many traders and strategists polled forecast U.S. crude futures [CLCV1 91.27 0.41 (+0.45%) ] could make a sustained breach below $90 a barrel and test $85 or possibly $84 a barrel this week. Much will depend on the U.S. labor report on Friday. A solid reading may help establish a floor in the oil market while a poor number could compound the woes of the global economy.

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Submitted May 29, 2012 By: mastermariner

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honda0105 Champion Author Tallahassee Posts:18,623 Points:1,609,520 Joined:Nov 2008	Message Posted: Jun 2, 2012 8:01:01 AM Ignore honda0105 Report Abuse glad they are still slowly sliding down a bit more... at least for gasoline. Diesel now at 70 cents more than gasoline.
1006 Champion Author Birmingham Posts:1,105 Points:1,355,190 Joined:Apr 2008	Message Posted: Jun 1, 2012 6:47:18 AM Ignore 1006 Report Abuse but price prices inched back up
honda0105 Champion Author Tallahassee Posts:18,623 Points:1,609,520 Joined:Nov 2008	Message Posted: Jun 1, 2012 5:37:42 AM Ignore honda0105 Report Abuse just wait for the specutraitors to get it back up.
Chris46 Champion Author Dayton Posts:23,668 Points:2,082,185 Joined:Sep 2005	Message Posted: May 31, 2012 9:39:16 PM Ignore Chris46 Report Abuse Whoo-whoo! Oil, baby!
1006 Champion Author Birmingham Posts:1,105 Points:1,355,190 Joined:Apr 2008	Message Posted: May 31, 2012 7:30:55 AM Ignore 1006 Report Abuse there go my oil investments.
honda0105 Champion Author Tallahassee Posts:18,623 Points:1,609,520 Joined:Nov 2008	Message Posted: May 31, 2012 5:47:46 AM Ignore honda0105 Report Abuse speculation, nothing more.
sparky808 Champion Author Honolulu Posts:2,999 Points:597,805 Joined:Sep 2011	Message Posted: May 30, 2012 1:22:14 PM Ignore sparky808 Report Abuse Thank you for posting.
2gjh Champion Author North Dakota Posts:3,174 Points:2,447,600 Joined:Nov 2003	Message Posted: May 30, 2012 9:18:21 AM Ignore 2gjh Report Abuse Don't worry, the speculators will still make money.
tomok Champion Author Portland Posts:33,014 Points:2,345,510 Joined:Aug 2006	Message Posted: May 30, 2012 3:23:00 AM Ignore tomok Report Abuse To Slip or Not To Slip? In this case, Slip is Good – More Slip is Better – fuel at $2 less/gallon is the Best! Whatever the size or shape of the vehicle, Produce and ‘Drive’ vehicles with high MPG, are very reliable, have a ‘reasonable’ cost and a good ‘value’ for the money. Consider using other forms of less expensive transportation to lower your cost, if possible. The price of fuel at the pump is too high! 12/22/2012!
1tallford Sophomore Author Rhode Island Posts:128 Points:22,225 Joined:Aug 2011	Message Posted: May 30, 2012 12:20:25 AM Ignore 1tallford Report Abuse Is it just me, or does every post about a oil price have one that contradicts? This post suggest oil will continue to fall. I read this after a post suggesting oil will go up amid Iran sanctions tightening in July. All we can really do is look at the prices at the pump every day.
LQQKGAS Champion Author Phoenix Posts:2,669 Points:1,196,015 Joined:Oct 2009	Message Posted: May 30, 2012 12:03:31 AM Ignore LQQKGAS Report Abuse Your slip is showing.
GassyKat Champion Author Wisconsin Posts:10,079 Points:2,069,170 Joined:Sep 2005	Message Posted: May 29, 2012 11:37:17 PM Ignore GassyKat Report Abuse A-OK
SparkieMi Champion Author Kalamazoo Posts:3,258 Points:588,325 Joined:Sep 2011	Message Posted: May 29, 2012 11:33:26 PM Ignore SparkieMi Report Abuse Pump prices still too high!!!! What was the price of a barrel of crude back in 2009?????
LostToo Champion Author Illinois Posts:4,392 Points:975,315 Joined:May 2009	Message Posted: May 29, 2012 11:32:23 PM Ignore LostToo Report Abuse I say let-er slip! Slip all the way down to $40 a barrel.
DaNewt Veteran Author Illinois Posts:457 Points:101,180 Joined:May 2011	Message Posted: May 29, 2012 11:26:21 PM Ignore DaNewt Report Abuse And to think gas was $1.72 per/gallon in Jan. 2009. Memories,,
mstearno Champion Author Dayton Posts:8,066 Points:1,731,235 Joined:Jan 2008	Message Posted: May 29, 2012 11:21:23 PM Ignore mstearno Report Abuse still to high
suzmar Champion Author Texas Posts:2,212 Points:872,740 Joined:Jun 2006	Message Posted: May 29, 2012 11:20:10 PM Ignore suzmar Report Abuse There never was a good reason for oil to spike this year, except maybe Obama's anti-petroleum mentality.
boatmen Champion Author New York Posts:3,085 Points:622,805 Joined:Jan 2011	Message Posted: May 29, 2012 11:19:56 PM Ignore boatmen Report Abuse good news gas to damm high
abcdMA Champion Author Worcester Posts:7,922 Points:1,574,980 Joined:Nov 2008	Message Posted: May 29, 2012 11:18:25 PM Ignore abcdMA Report Abuse price slide, sure fire examples of what a weak economy can do
vcsuksu21 Champion Author Oklahoma City Posts:2,473 Points:707,005 Joined:Dec 2010	Message Posted: May 29, 2012 11:11:57 PM Ignore vcsuksu21 Report Abuse Good
vcsuksu21 Champion Author Oklahoma City Posts:2,473 Points:707,005 Joined:Dec 2010	Message Posted: May 29, 2012 11:11:38 PM Ignore vcsuksu21 Report Abuse Good
serrog Champion Author Nova Scotia Posts:5,565 Points:1,512,175 Joined:Oct 2008	Message Posted: May 29, 2012 11:07:12 PM Ignore serrog Report Abuse Have to see it to believe it
saleboss Champion Author Phoenix Posts:3,929 Points:1,177,875 Joined:Feb 2006	Message Posted: May 29, 2012 11:03:14 PM Ignore saleboss Report Abuse Just wish the prices at the pump would follow the oil price!
Dougieda Sophomore Author Boston Posts:129 Points:564,715 Joined:Dec 2010	Message Posted: May 29, 2012 11:02:28 PM Ignore Dougieda Report Abuse Slip on Slip on thats different than OK YANKEE829
200porter Champion Author Toronto Posts:2,065 Points:542,135 Joined:Sep 2011	Message Posted: May 29, 2012 11:02:27 PM Ignore 200porter Report Abuse Would like to see gas prices fall in accordance with oil
big_mac64 Champion Author Tennessee Posts:10,593 Points:1,485,690 Joined:May 2005	Message Posted: May 29, 2012 11:02:24 PM Ignore big_mac64 Report Abuse News is news when it happens...NOT when it 'might' happen!
CPGas1815 Champion Author Michigan Posts:6,027 Points:1,099,605 Joined:Apr 2008	Message Posted: May 29, 2012 11:00:45 PM Ignore CPGas1815 Report Abuse Sure prices at the pump have been falling. But they are still not what I would say as being a fair and balanced price.
bigoilscamsus Champion Author Lansing Posts:1,058 Points:48,265 Joined:Nov 2011	Message Posted: May 29, 2012 11:00:20 PM Ignore bigoilscamsus Report Abuse Protest high gas prices and price fixing!! -any gas above $2.50 per gallon-- Picket the 15 highest priced gas stations in your area!! Join the protest at the WALK ON WASHINGTON and at all the other State Capitals on Friday June 1 2012!! Bring your protest signs and let Big Oil know what you think of the obscene profits that Big Oil extorts from the American consumer!! The protest runs from 10:00 am to 2:00 pm!! Together we can make a difference! See you in the protest line!!
30mpg80 Champion Author Lexington Posts:10,035 Points:1,487,855 Joined:Nov 2008	Message Posted: May 29, 2012 10:56:32 PM Ignore 30mpg80 Report Abuse Drip some oil in front of that barrel so price will slip more
WillyG Champion Author Cincinnati Posts:3,553 Points:906,090 Joined:Aug 2005	Message Posted: May 29, 2012 10:48:27 PM Ignore WillyG Report Abuse Drop baby, drop !
Fedorov91 Champion Author Tampa Posts:1,465 Points:880,085 Joined:Oct 2008	Message Posted: May 29, 2012 10:46:19 PM Ignore Fedorov91 Report Abuse we shall see
pickledude72 Champion Author California Posts:1,120 Points:836,345 Joined:Jul 2008	Message Posted: May 29, 2012 10:43:45 PM Ignore pickledude72 Report Abuse soon there will be some other "crisis" to force the price back up
ftsgt Champion Author Illinois Posts:13,047 Points:2,483,695 Joined:Dec 2004	Message Posted: May 29, 2012 10:41:57 PM Ignore ftsgt Report Abuse Unfortunately this isnt a good reason its slipping, its because of bad economic news.
Yankee829 Champion Author Dallas Posts:2,206 Points:559,590 Joined:Sep 2010	Message Posted: May 29, 2012 10:40:09 PM Ignore Yankee829 Report Abuse Slip on, slip on.
disldo Sophomore Author Chicago Posts:137 Points:41,850 Joined:Feb 2007	Message Posted: May 29, 2012 10:39:15 PM Ignore disldo Report Abuse I'll believe it when I see it. Still 3.89 - 4.00 in chicago area
OGW Champion Author London Posts:5,329 Points:1,532,225 Joined:Sep 2005	Message Posted: May 29, 2012 10:35:35 PM Ignore OGW Report Abuse Then slip as fast as it can.
RBob Champion Author Portland Posts:3,374 Points:2,347,875 Joined:May 2004	Message Posted: May 29, 2012 10:35:29 PM Ignore RBob Report Abuse Appears to be more hype from the oil barons ...
iceman11 Champion Author Ontario Posts:2,715 Points:536,425 Joined:Feb 2011	Message Posted: May 29, 2012 10:34:16 PM Ignore iceman11 Report Abuse Ok
drz614 Champion Author Harrisburg Posts:2,304 Points:598,595 Joined:Aug 2011	Message Posted: May 29, 2012 10:32:05 PM Ignore drz614 Report Abuse wait till new taxes kick in. unless obama agenda is curtailed, $2 gasoline is a thing of the past despite current 'glut'. LNG and CNG are coming. Invest now.
benjy Champion Author Chicago Posts:8,596 Points:1,788,575 Joined:Nov 2003	Message Posted: May 29, 2012 10:31:13 PM Ignore benjy Report Abuse I like this post....
TDIdave Champion Author California Posts:5,063 Points:1,225,715 Joined:May 2006	Message Posted: May 29, 2012 10:29:51 PM Ignore TDIdave Report Abuse Cool.
mconley1967 All-Star Author Louisville Posts:586 Points:360,230 Joined:Mar 2012	Message Posted: May 29, 2012 10:28:32 PM Ignore mconley1967 Report Abuse Ok
darkknight1 Champion Author Winston-Salem Posts:4,340 Points:896,060 Joined:Nov 2010	Message Posted: May 29, 2012 10:28:02 PM Ignore darkknight1 Report Abuse Hope this means gas will continue to fall
kzrooster Champion Author Kalamazoo Posts:2,385 Points:516,750 Joined:Nov 2011	Message Posted: May 29, 2012 10:26:07 PM Ignore kzrooster Report Abuse Great news however we won't see a change in our PPG. We should be in the $2.50 range but still we see around here $3.65.
bigbry81 Rookie Author San Antonio Posts:9 Points:1,515 Joined:May 2012	Message Posted: May 29, 2012 10:24:28 PM Ignore bigbry81 Report Abuse I hope gas prices will keep dropping. But I wont hold my breath.
Ebaz Champion Author Oklahoma City Posts:3,246 Points:715,310 Joined:Apr 2011	Message Posted: May 29, 2012 10:19:57 PM Ignore Ebaz Report Abuse Don't get excited, gas prices will still be above 3.00 per gallon
Cyberkedi Champion Author Atlanta Posts:13,371 Points:2,317,615 Joined:Aug 2005	Message Posted: May 29, 2012 10:19:30 PM Ignore Cyberkedi Report Abuse Gas under $3.00/gallon again? Next thing you know, pigs will gain aerodynamics.
fuelsaverMN Champion Author Twin Cities Posts:2,282 Points:559,080 Joined:Mar 2011	Message Posted: May 29, 2012 10:16:56 PM Ignore fuelsaverMN Report Abuse AND GAS PRICES WILL BE UNDER $3.00 A GALLON.
ericbcire Champion Author Nevada Posts:4,525 Points:1,267,710 Joined:Aug 2009	Message Posted: May 29, 2012 10:15:40 PM Ignore ericbcire Report Abuse Prices need to drop further or the economy will worsen.
arinkrat17 Champion Author Twin Cities Posts:6,289 Points:1,331,475 Joined:Aug 2009	Message Posted: May 29, 2012 10:13:14 PM Ignore arinkrat17 Report Abuse needs to keep on dropping