Steamed up my afternoon

jjirons69 · 05-05-2011, 02:32 PM

Oil prices plunged more than 8% Thursday as weak economic data and a strengthening dollar drove crude to its biggest one-day drop since April 2009.

The main U.S. oil contract for June delivery settled down $9.44, or 8.6%, to $99.80 a barrel. That's its lowest level since mid-March and marks its biggest one-day percentage drop in two years. Brent crude, the European benchmark, fell $10.73 to $110.46 a barrel.

The drop hasn't translated into lower gasoline prices though. The national average price for a gallon of gasoline rose for the forty-fourth straight day to $3.985 on Thursday, according to motorist group AAA.

Lower crude prices usually translate into lower gasoline prices, but the effect is delayed.

05-05-2011, 02:32 PM	#35
jjirons69 Haberdasher Join Date: Oct 2008 First Name: Jamie Location: Chucktown, SC Posts: 4,120 Trading: (94)	Re: Steamed up my afternoon Oil prices plunged more than 8% Thursday as weak economic data and a strengthening dollar drove crude to its biggest one-day drop since April 2009. The main U.S. oil contract for June delivery settled down $9.44, or 8.6%, to $99.80 a barrel. That's its lowest level since mid-March and marks its biggest one-day percentage drop in two years. Brent crude, the European benchmark, fell $10.73 to $110.46 a barrel. The drop hasn't translated into lower gasoline prices though. The national average price for a gallon of gasoline rose for the forty-fourth straight day to $3.985 on Thursday, according to motorist group AAA. Lower crude prices usually translate into lower gasoline prices, but the effect is delayed. __________________ Somebody has to go back and get a chitload of dimes