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Oil falls below $74 on EU bank debt worries

Associated Press -- Oil prices skidded below $74 a barrel Wednesday as traders followed stock markets down on reports European banks may be saddled with more risky debt than previously estimated.

By early afternoon in Europe, benchmark oil for October delivery was down 16 cents at $73.93 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell 51 cents to settle at $74.09 on Tuesday.

Most major Asian and European stock markets fell Wednesday following a 1 percent slide in the Dow Jones industrial average the day before, when reports claimed that EU stress tests of banks in July understated some lenders' holdings of potentially risky debt. Germany's top 10 banks will have to raise as much as $135 billion to meet new capital requirements, reports said.

Oil traders often loo


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Submitted Sep 08, 2010 By: suportoffroad30
Category: Daily News Article Discussions > Topics Add to favorite topics  
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REPLIES (newest first)
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notezbngreen
Veteran Author Detroit

Posts:342
Points:3,360
Joined:Sep 2009
Message Posted: Sep 28, 2010 10:57:03 PM

Greece's financial band aid is probably still pulling EU states down.
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MidNJ
Champion Author New Jersey

Posts:4,628
Points:739,645
Joined:Sep 2009
Message Posted: Sep 27, 2010 10:35:01 PM

Yes, I guess OPEC is "comfortable" with this price.

Are you?
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gs7101
Champion Author San Antonio

Posts:3,208
Points:245,580
Joined:Jun 2009
Message Posted: Sep 9, 2010 9:25:10 AM

Well it's closer to $76 a barrel now.
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ENORMS
Champion Author Colorado

Posts:3,014
Points:1,173,185
Joined:Sep 2006
Message Posted: Sep 9, 2010 6:01:31 AM

Every little bit helps!
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kag2010
Champion Author Winnipeg

Posts:2,900
Points:562,385
Joined:Apr 2010
Message Posted: Sep 8, 2010 3:18:57 PM

not much off a move.
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TripleHs
Champion Author Austin

Posts:1,310
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Joined:Oct 2009
Message Posted: Sep 8, 2010 1:39:36 PM

it has been stuck for more than a week already
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TripleHs
Champion Author Austin

Posts:1,310
Points:494,530
Joined:Oct 2009
Message Posted: Sep 8, 2010 1:39:17 PM

not moving much
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Hilsgal
Sophomore Author Utah

Posts:229
Points:236,890
Joined:Oct 2006
Message Posted: Sep 8, 2010 10:48:45 AM

weekend is over and prices are on the raise again.
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PDQBlues
Champion Author San Diego

Posts:4,716
Points:982,400
Joined:Jan 2009
Message Posted: Sep 8, 2010 10:40:18 AM

They ain't the only ones a-worryin'. ;-)

Keep those prices falling.
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Dr Gas
Champion Author Twin Cities

Posts:2,415
Points:301,065
Joined:May 2004
Message Posted: Sep 8, 2010 10:08:57 AM

Speculators took a long weekend - that's all.
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bluehawk43
All-Star Author Arkansas

Posts:679
Points:503,890
Joined:May 2009
Message Posted: Sep 8, 2010 9:55:06 AM

Not to worry, it is going back up this morning.
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realtorguzzler
Champion Author Florida

Posts:1,488
Points:259,210
Joined:Jun 2010
Message Posted: Sep 8, 2010 9:15:27 AM

Let's hope it will keep on going lower. Banks just have to take care of themselves or go bust. Survival of the fittest.
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