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Oil Retreats After Sharp Gains

Reuters -- Crude oil prices fell back on Wednesday as investors returned their focus to the grim economic backdrop and took profits after the sharp gains in previous sessions.

Trading was expected to be limited with US markets closed for the Independence Day holiday, and ahead of meetings of European Central Bank and the Bank of England policy makers scheduled for Thursday.

Brent crude [LCOCV1 100.02 -0.66 (-0.66%) ] oil was 49 cents lower at $100.18 per barrel earlier Wednesday, after jumping more than 3 percent in the previous session on short-covering before the U.S. holiday.

U.S. crude [CLCV1 87.04 -0.62 (-0.71%) ] fell 55 cents to $87.11 after settling on Tuesday at its highest close since May 30.

"After a strong rally yesterday, with the U.S. liquidity out of the marke

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Submitted Jul 04, 2012 By: WxVette

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Adman1989 All-Star Author Massachusetts Posts:584 Points:128,335 Joined:Mar 2008	Message Posted: Jul 4, 2012 10:16:38 PM Ignore Adman1989 Report Abuse good news
Beaveronparade Champion Author Hartford Posts:2,164 Points:659,505 Joined:Mar 2011	Message Posted: Jul 4, 2012 10:14:39 PM Ignore Beaveronparade Report Abuse Then why are prices up slightly at the pump? That's what I'd like to know. Holiday travel time perhaps?
serrog Champion Author Nova Scotia Posts:5,705 Points:1,539,830 Joined:Oct 2008	Message Posted: Jul 4, 2012 10:11:45 PM Ignore serrog Report Abuse Temporary
Bildawg Champion Author Ohio Posts:1,086 Points:503,170 Joined:Oct 2011	Message Posted: Jul 4, 2012 10:09:27 PM Ignore Bildawg Report Abuse great
DandyDapple All-Star Author North Dakota Posts:715 Points:330,170 Joined:Sep 2008	Message Posted: Jul 4, 2012 10:09:19 PM Ignore DandyDapple Report Abuse OMG 2012 ....,
eswi Champion Author Madison Posts:2,681 Points:710,105 Joined:Mar 2009	Message Posted: Jul 4, 2012 10:09:00 PM Ignore eswi Report Abuse OK
jimedB All-Star Author Riverside Posts:535 Points:87,690 Joined:Jun 2012	Message Posted: Jul 4, 2012 10:09:00 PM Ignore jimedB Report Abuse Could it go even lower than last week?
singlemom27 Champion Author Ventura Posts:3,248 Points:666,910 Joined:Apr 2011	Message Posted: Jul 4, 2012 10:05:24 PM Ignore singlemom27 Report Abuse woohoo!
themaninthehat Champion Author New Orleans Posts:1,824 Points:472,265 Joined:Feb 2011	Message Posted: Jul 4, 2012 10:04:35 PM Ignore themaninthehat Report Abuse Those poor speculators ;-/
Piniewoods All-Star Author Jacksonville Posts:892 Points:466,240 Joined:Aug 2005	Message Posted: Jul 4, 2012 10:03:41 PM Ignore Piniewoods Report Abuse There is nothing for it to rally on. Just fear over Iran by the speculators.
clermont40miles Champion Author Cincinnati Posts:10,754 Points:1,799,595 Joined:Apr 2008	Message Posted: Jul 4, 2012 10:03:12 PM Ignore clermont40miles Report Abuse Not much of a drop after two days of wild speculator driven nonsense. No change in regulations or law. CFTC still not doing its job. So of course the manipulation and corruption continues.
bengem Rookie Author South Carolina Posts:44 Points:10,320 Joined:Jun 2012	Message Posted: Jul 4, 2012 9:59:24 PM Ignore bengem Report Abuse ok
rf6480 Champion Author Miami Posts:1,583 Points:569,785 Joined:Mar 2011	Message Posted: Jul 4, 2012 9:54:50 PM Ignore rf6480 Report Abuse 87.66 is not a retreat
menagerie1013 Champion Author San Diego Posts:2,365 Points:711,190 Joined:Apr 2011	Message Posted: Jul 4, 2012 9:52:02 PM Ignore menagerie1013 Report Abuse No surprise there.
bell05 Champion Author Atlanta Posts:9,401 Points:1,902,585 Joined:Jun 2005	Message Posted: Jul 4, 2012 9:51:56 PM Ignore bell05 Report Abuse It ought to be below $2.00!
mobil1MN All-Star Author Minnesota Posts:664 Points:1,294,635 Joined:Sep 2007	Message Posted: Jul 4, 2012 9:50:16 PM Ignore mobil1MN Report Abuse Just to raise prices for the 4th
Tekkersmom57 Champion Author Syracuse Posts:2,014 Points:727,915 Joined:May 2010	Message Posted: Jul 4, 2012 9:50:00 PM Ignore Tekkersmom57 Report Abuse You are right on the button, moremissions200, with your comment!
amearly Champion Author Michigan Posts:12,255 Points:2,494,335 Joined:Jan 2006	Message Posted: Jul 4, 2012 9:49:44 PM Ignore amearly Report Abuse ANd yet they still can't figure out why this economy isn't going forward,energy cost is a lot of it.
91Hilux Champion Author New Haven Posts:2,257 Points:706,470 Joined:Aug 2007	Message Posted: Jul 4, 2012 9:49:22 PM Ignore 91Hilux Report Abuse Yet the prices at the pump go up like a rocket, and come down like a feather.
drpepperTX Champion Author Texas Posts:9,159 Points:778,875 Joined:Apr 2011	Message Posted: Jul 4, 2012 9:48:08 PM Ignore drpepperTX Report Abuse Latest trades: BRENT CRUDE FUTR (USD/BBL.) 99.87 +0.10 (0.1%) 22:32 ET GASOLINE RBOB FUT (USD/GAL.) 270.61 -1.68 (-0.62%) 22:15 ET WTI CRUDE FUTURE (USD/BBL.) 86.94 -0.72 (-0.83%) 22:31 ET
jodybull All-Star Author El Paso Posts:767 Points:140,880 Joined:May 2012	Message Posted: Jul 4, 2012 9:38:28 PM Ignore jodybull Report Abuse A crock of crude indeed!
AKmailman Champion Author Alaska Posts:5,758 Points:1,584,590 Joined:Jul 2004	Message Posted: Jul 4, 2012 9:37:49 PM Ignore AKmailman Report Abuse oil is up, oil is down, oil is up, oil is down, oil is up, oil is down, yawn !!!
V8power Champion Author Pennsylvania Posts:2,951 Points:1,406,720 Joined:Oct 2005	Message Posted: Jul 4, 2012 9:36:25 PM Ignore V8power Report Abuse And the traveling holiday is just a coincidence.
CorvairHaven Champion Author Cleveland Posts:4,470 Points:1,479,765 Joined:Sep 2008	Message Posted: Jul 4, 2012 9:35:11 PM Ignore CorvairHaven Report Abuse Isn't this fun?
FuelOilOH Champion Author Cleveland Posts:2,842 Points:1,184,595 Joined:Oct 2007	Message Posted: Jul 4, 2012 9:34:27 PM Ignore FuelOilOH Report Abuse So now it's back to business until Labor Day.
souly Champion Author Montreal Posts:1,904 Points:459,095 Joined:Jun 2010	Message Posted: Jul 4, 2012 9:34:06 PM Ignore souly Report Abuse ok
peanutsMN Champion Author Twin Cities Posts:1,823 Points:412,615 Joined:Jul 2011	Message Posted: Jul 4, 2012 9:33:42 PM Ignore peanutsMN Report Abuse Down, down down!
bevmill Champion Author Georgia Posts:2,716 Points:627,250 Joined:Apr 2006	Message Posted: Jul 4, 2012 9:31:06 PM Ignore bevmill Report Abuse Hope prices go lower after increasing 10 cents a gallon in on day. Was this increase for Independence Day?
TheHermit Champion Author Maine Posts:3,445 Points:138,020 Joined:May 2012	Message Posted: Jul 4, 2012 9:29:48 PM Ignore TheHermit Report Abuse Bottom line Is the price at the pump
six_ball_man Champion Author Rochester Posts:8,677 Points:1,418,680 Joined:Oct 2007	Message Posted: Jul 4, 2012 9:29:23 PM Ignore six_ball_man Report Abuse down, baby, down!!!
soncorn Veteran Author Missouri Posts:286 Points:1,317,870 Joined:Aug 2006	Message Posted: Jul 4, 2012 9:26:09 PM Ignore soncorn Report Abuse Hopefully lower prices will stimulate economic growth.
dlzastera Champion Author Minnesota Posts:4,640 Points:1,049,695 Joined:Mar 2006	Message Posted: Jul 4, 2012 9:20:46 PM Ignore dlzastera Report Abuse I sure hope this is the trend.
humancry Champion Author Michigan Posts:4,620 Points:1,003,470 Joined:Nov 2006	Message Posted: Jul 4, 2012 9:20:27 PM Ignore humancry Report Abuse get to two dollars and make me happy
lolobond All-Star Author New Orleans Posts:724 Points:638,560 Joined:Dec 2010	Message Posted: Jul 4, 2012 9:18:00 PM Ignore lolobond Report Abuse Good this could mean lower prices
firefly09 Champion Author San Diego Posts:2,613 Points:740,105 Joined:Mar 2009	Message Posted: Jul 4, 2012 9:15:56 PM Ignore firefly09 Report Abuse Alright. Still needs to get lower at the pumps.
tjc09f Veteran Author Tallahassee Posts:477 Points:693,600 Joined:Mar 2011	Message Posted: Jul 4, 2012 9:15:36 PM Ignore tjc09f Report Abuse Ok
itzagasgasgas1 Champion Author Cincinnati Posts:4,109 Points:1,625,995 Joined:Aug 2005	Message Posted: Jul 4, 2012 9:15:29 PM Ignore itzagasgasgas1 Report Abuse Lower the pump price.
itsjustme719 All-Star Author Hamilton Posts:612 Points:617,470 Joined:Dec 2010	Message Posted: Jul 4, 2012 9:11:45 PM Ignore itsjustme719 Report Abuse Okay.
chicoCA Champion Author California Posts:2,113 Points:1,801,135 Joined:Nov 2007	Message Posted: Jul 4, 2012 9:09:45 PM Ignore chicoCA Report Abuse okay
slowpoke63 Champion Author Louisiana Posts:2,817 Points:903,890 Joined:Jul 2009	Message Posted: Jul 4, 2012 9:08:44 PM Ignore slowpoke63 Report Abuse May it continue to fall.
stpatrickbday Champion Author Albuquerque Posts:1,663 Points:593,400 Joined:Mar 2011	Message Posted: Jul 4, 2012 9:03:16 PM Ignore stpatrickbday Report Abuse ok.
darkknight1 Champion Author Winston-Salem Posts:4,475 Points:922,785 Joined:Nov 2010	Message Posted: Jul 4, 2012 9:00:32 PM Ignore darkknight1 Report Abuse We're all hurting at the pump so I hope it continues to slide wayyyyyyy down. I think they've all taken enough of our money.
drobbbb Champion Author Maryland Posts:3,590 Points:837,010 Joined:Dec 2010	Message Posted: Jul 4, 2012 8:57:40 PM Ignore drobbbb Report Abuse ok
moremissions200 Champion Author Rhode Island Posts:10,654 Points:2,049,410 Joined:Jan 2007	Message Posted: Jul 4, 2012 8:54:50 PM Ignore moremissions200 Report Abuse Oil prices remain way too high for this economy to sustain during the present lingering depression
paleface17 Rookie Author Indiana Posts:44 Points:12,735 Joined:Jun 2012	Message Posted: Jul 4, 2012 8:52:05 PM Ignore paleface17 Report Abuse Too bad it's not reflecting at the pumps in No. Indiana. Too many taxes per gallon I guess.
Tracer2008 All-Star Author Alberta Posts:540 Points:320,820 Joined:Sep 2008	Message Posted: Jul 4, 2012 8:50:02 PM Ignore Tracer2008 Report Abuse Oil drops $30 over 2 monthes, fuel around here drops $0.06/litre... (Altho diesel has dropped about $0.15/litre)
DEG Champion Author Las Vegas Posts:17,743 Points:3,519,440 Joined:Jul 2003	Message Posted: Jul 4, 2012 8:49:51 PM Ignore DEG Report Abuse Crude should be in the $45 to $50/barrel range.
rpr77 Champion Author Philadelphia Posts:4,044 Points:794,985 Joined:Mar 2011	Message Posted: Jul 4, 2012 8:49:00 PM Ignore rpr77 Report Abuse ok
jiml1965 Champion Author Harrisburg Posts:3,077 Points:703,700 Joined:Jan 2011	Message Posted: Jul 4, 2012 8:43:15 PM Ignore jiml1965 Report Abuse ok
PizzaMon Champion Author Philadelphia Posts:5,134 Points:1,885,580 Joined:Jun 2006	Message Posted: Jul 4, 2012 8:42:38 PM Ignore PizzaMon Report Abuse Keep retreating after the holiday.
blazerbob91 Champion Author Milwaukee Posts:6,279 Points:1,910,020 Joined:Aug 2005	Message Posted: Jul 4, 2012 8:41:33 PM Ignore blazerbob91 Report Abuse Why have prices jumped.
txkrb Champion Author Texas Posts:1,595 Points:660,480 Joined:May 2011	Message Posted: Jul 4, 2012 8:40:48 PM Ignore txkrb Report Abuse Not much of a decrease considering the increases over last week