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Oil Falls for Third Day on Euro Zone Worries

Reuters -- Oil fell on Monday continuing to drop for a third straight session, after talks to form a new government in Greece failed, deepening the euro zone crisis and cutting fuel demand further and amid new fears of a slowing Chinese economy.

Investors were cautious as a repeat Greek election will be needed if politicians cannot reach a compromise, pushing the debt-laden country closer to bankruptcy and likely driving oil prices southwards.

London brent crude [LCOCV1 110.85 -1.41 (-1.26%) ] had fell $2 to $110.26 a barrel after settling at $112.26 on Friday, its second straight weekly loss.

U.S. light, sweet crude [CLM2 94.45 -1.68 (-1.75%) ] dropped $2.12 cents to $94.01 its lowest level since before Christmas.

The fall in oil prices was tempered, however, by Sunday's mo

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Submitted May 14, 2012 By: WxVette

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REPLIES (newest first)Ignore Short Messages

jorobins538 Champion Author Chicago Posts:4,722 Points:636,270 Joined:Sep 2009	Message Posted: May 14, 2012 9:08:37 AM Ignore jorobins538 Report Abuse ok
davidel57 Champion Author Houston Posts:5,120 Points:1,185,235 Joined:Apr 2008	Message Posted: May 14, 2012 8:34:10 AM Ignore davidel57 Report Abuse Way past due.
fracknsave Champion Author Grand Rapids Posts:1,666 Points:58,000 Joined:Mar 2012	Message Posted: May 14, 2012 8:34:02 AM Ignore fracknsave Report Abuse Euro zone situation is not pretty, going to get uglier.
Ticobird Champion Author Huntsville Posts:3,205 Points:1,111,040 Joined:Oct 2009	Message Posted: May 14, 2012 8:02:26 AM Ignore Ticobird Report Abuse Fall, fall and fall and take down some of the speculators with you at the same time. While they won't all learn, at least some will be burned enough to leave the futures market or at least that's the way it should work.
investmentdr Champion Author Cleveland Posts:4,003 Points:1,450,075 Joined:Sep 2008	Message Posted: May 14, 2012 7:54:26 AM Ignore investmentdr Report Abuse right direction
grandpadon28110 Champion Author Charlotte Posts:4,696 Points:1,138,310 Joined:Sep 2008	Message Posted: May 14, 2012 7:50:12 AM Ignore grandpadon28110 Report Abuse Come on down.
gbs1 Champion Author Minnesota Posts:1,981 Points:738,150 Joined:Mar 2011	Message Posted: May 14, 2012 7:48:24 AM Ignore gbs1 Report Abuse Keep dropping, with the world economy the way it is, oil should not be as high as it is.
dgerst Champion Author South Carolina Posts:2,691 Points:551,800 Joined:Aug 2008	Message Posted: May 14, 2012 7:47:56 AM Ignore dgerst Report Abuse Let it keep falling.
itzagasgasgas1 Champion Author Cincinnati Posts:3,949 Points:1,595,270 Joined:Aug 2005	Message Posted: May 14, 2012 7:44:29 AM Ignore itzagasgasgas1 Report Abuse Bills are past due and the creditors are knocking.
Buckeyee Champion Author Maine Posts:4,577 Points:894,875 Joined:May 2010	Message Posted: May 14, 2012 7:36:24 AM Ignore Buckeyee Report Abuse EU's debit is chrushing, the next is the U.S.
Rockyguitar Champion Author Tampa Posts:2,552 Points:1,198,995 Joined:Sep 2008	Message Posted: May 14, 2012 7:36:17 AM Ignore Rockyguitar Report Abuse COME ON DOWN!!!
Ouch06 Champion Author Michigan Posts:1,607 Points:1,427,910 Joined:Apr 2006	Message Posted: May 14, 2012 7:35:26 AM Ignore Ouch06 Report Abuse good news.
Luckylindy Champion Author Milwaukee Posts:4,494 Points:1,123,070 Joined:May 2008	Message Posted: May 14, 2012 7:34:57 AM Ignore Luckylindy Report Abuse Keep going!
2khawk Champion Author Iowa Posts:5,234 Points:924,025 Joined:Oct 2010	Message Posted: May 14, 2012 7:33:06 AM Ignore 2khawk Report Abuse The sad thing is the price of Brent affects our gas prices more than most anything.