2.THE FEELING

3.THE HEART

WHAT HIM LIKE AND WHAT HIM DOES NOT LIKE.

4.THE BADGROUND.

5.THE NATURE OF LIVING

6.HIM HABIT

7.CARING

Benchmark crude for September delivery was down 41 cents to $66.30 a barrel in afternoon European trading on the New York Mercantile Exchange. On Monday, the contract fell 76 cents to settle at $66.75.

Crude prices are looking for direction. They dropped from above $71 a barrel Friday on concerns that recovery from recession may be slow because of weak U.S. consumer demand after rising earlier last week on data showing Germany, France and Japan had emerged from recession in the second quarter
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Oil below $67 amid mixed economic signals
AP – Tuesday, August 18, 2009 4:02:26 PM By GEORGE JAHN
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100More Photos » Oil prices gave up early gains to slip back below $67 a barrel Tuesday as investors weighed mixed signals about the strength of the global economic recovery.

Benchmark crude for September delivery was down 41 cents to $66.30 a barrel in afternoon European trading on the New York Mercantile Exchange. On Monday, the contract fell 76 cents to settle at $66.75.

Crude prices are looking for direction. They dropped from above $71 a barrel Friday on concerns that recovery from recession may be slow because of weak U.S. consumer demand after rising earlier last week on data showing Germany, France and Japan had emerged from recession in the second quarter.

U.S. stocks were marginally in positive territory shortly after opening. The Dow Jones industrial average fell 2 percent Monday, but Asian and European indexes rebounded Tuesday.

Still, doubts linger about the pace of a global economic rebound.

“I think the market was too optimistic about the recovery,” said Clarence Chu, a trader with market maker Hudson Capital Energy in Singapore. “It’s not a strong rebound yet.”

With traders edgy about the direction of the economy — and crude demand — trader and analyst Stephen Schork suggested that prices would bounce within a “well defined range between the high $50s and low $70s in the near future.”

Investors also will be watching if the first hurricane of the year threatens oil installations in the Gulf of Mexico. Hurricane Bill was a Category 2 storm with winds of 100 mph (160 kph) and will likely be near Bermuda by the end of the week, the U.S. National Hurricane Center said.

“This year is supposed to be a quiet hurricane season, but it only takes one bad one to really drive the market up,” Chu said.

In other Nymex trading, gasoline for September delivery slipped by more than 3 cents to $1.92 a gallon and heating oil fell by almost 3 cents to fetch $1.80. Natural gas for September delivery rose was down by more than a cent, at $3.15 per 1,000 cubic feet.

In London, Brent prices lost 77 cents to sell for $69.77 a barrel on the ICE Futures exchange.

——

Associated Press writer Alex Kennedy contributed to this report from Singapore

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Featured Business Stock Market Financial Consumer
Oil below $67 amid mixed economic signals
AP – Tuesday, August 18, 2009 4:02:26 PM By GEORGE JAHN
Share This :
Facebook
Buzz
StumbleUpon
Save This :
Twitter
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Top Stories
SubscribeGM to boost output due to clunkers incentivesTarget’s 2Q profit falls 6.3 pct, beats estimatesTJX 2Q profit climbs as consumers bargain shopRetail sales plunge in E. EuropeSaks loss widens in 2Q, but smaller than expectedTesla to open power train plant in Palo AltoHome Depot 2Q profit beats expectationsSmall company’s swine flu vaccine works in animalsTop Photos

100More Photos » Oil prices gave up early gains to slip back below $67 a barrel Tuesday as investors weighed mixed signals about the strength of the global economic recovery.

Benchmark crude for September delivery was down 41 cents to $66.30 a barrel in afternoon European trading on the New York Mercantile Exchange. On Monday, the contract fell 76 cents to settle at $66.75.

Crude prices are looking for direction. They dropped from above $71 a barrel Friday on concerns that recovery from recession may be slow because of weak U.S. consumer demand after rising earlier last week on data showing Germany, France and Japan had emerged from recession in the second quarter.

U.S. stocks were marginally in positive territory shortly after opening. The Dow Jones industrial average fell 2 percent Monday, but Asian and European indexes rebounded Tuesday.

Still, doubts linger about the pace of a global economic rebound.

“I think the market was too optimistic about the recovery,” said Clarence Chu, a trader with market maker Hudson Capital Energy in Singapore. “It’s not a strong rebound yet.”

With traders edgy about the direction of the economy — and crude demand — trader and analyst Stephen Schork suggested that prices would bounce within a “well defined range between the high $50s and low $70s in the near future.”

Investors also will be watching if the first hurricane of the year threatens oil installations in the Gulf of Mexico. Hurricane Bill was a Category 2 storm with winds of 100 mph (160 kph) and will likely be near Bermuda by the end of the week, the U.S. National Hurricane Center said.

“This year is supposed to be a quiet hurricane season, but it only takes one bad one to really drive the market up,” Chu said.

In other Nymex trading, gasoline for September delivery slipped by more than 3 cents to $1.92 a gallon and heating oil fell by almost 3 cents to fetch $1.80. Natural gas for September delivery rose was down by more than a cent, at $3.15 per 1,000 cubic feet.

In London, Brent prices lost 77 cents to sell for $69.77 a barrel on the ICE Futures exchange.

——

Associated Press writer Alex Kennedy contributed to this report from Singapore

Share This :
Facebook
Buzz
StumbleUpon
Save This :
Twitter
Reddit
Digg
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Print It

Popular Photos

Profit reports push Dow to best July in 20 years

Stocks edge mostly higher; Microsoft drags Nasdaq

Stocks cap strong week with mixed finish

Consumer prices jump 0.7 percent in June

Jobless data sends stocks reeling; Dow loses 223

Stocks end mixed as savings rate jumps

European stocks up ahead of key US data

7Next Up
Saks loss widens in 2Q, but smaller than…AP – 1 hour ago
More Business News »

100
Top Headlines
Business Stock Market Consumer CIT Group records $1.68 billion 2Q loss
AP – 2 hours ago
Prosecutors say man stole 130M credit card numbersGM seals deal to sell Saab to KoenigseggGerman investor confidence up sharply in AugustAmcor offers $2 bln for Rio Tinto packaging armNew AIG CEO to receive $7 million annual salarySurvey shows US automakers making improvementsSinopec completes China’s biggest foreign takeoverAhead of the Bell: Hewlett-Packard 3Q earnings
Popular Searches From Ask.com
Finance
Business Stock Market Financial Consumer More On Mail.com
Entertainment Autos Real Estate Video Sports News Health Shopping Finance Beauty & Style Dating Toolbar MMC Network
Hollywood Life Oncars MovieLine Deadline Hollywood Feedback Contact Us Corporate Privacy Policy Terms of Service Copyright © 2009 The Associated Press. All rights reserved. The information contained in the AP News report may not be published, broadcast, rewritten or redistributed without the prior written authority of The Associated Press. Copyright © 2009 MMC. All rights reserved.