By Margot Habiby and Moming Zhou
Oct. 14 (Bloomberg) -- Crude oil fell as a government
report showed U.S. petroleum demand declined to the lowest level
in more than 10 months as the economy struggled to recover.
Crude dropped for a third day this week after the Energy
Department reported total petroleum demand declined 0.7 percent
to 18.3 million barrels a day in the week ended Oct. 8, the
lowest level since the seven days ended Nov. 27, 2009. A Labor
Department report today showed U.S. jobless claims unexpectedly
rose to 462,000 in the week to Oct. 9.
“The demand numbers were very weak,” said Tim Evans, an
energy analyst at Citi Futures Perspective in New York. “We
don’t really have a bull market unless we have stronger consumer
Yet oil prices are rising for no fundamental reason. It's all speculation and we deem that to be okay?? People will have to pay for higher fuel, heat and just about everything else because we are letting speculators raise the price of oil when demand is falling. Insanity!!!