Oil prices have decreased $7.03 (8.9%) within this time frame:
August 2nd, 2010 (Monday)
Oil rose $2.39 to $81.34: Oil prices ended higher on economic optimism as the Dow rose over 200 points and the euro gained sharply against the U.S. dollar. Two giant European banks, BNP Paribas (BNPQY.PK) and HSBC (HBC), reported strong earnings. In addition, the U.S. and the euro-zone reported better than expected manufacturing data.
August 3rd, 2010 (Tuesday)
Oil rose $1.21 to $82.55: The euro rose to a three-month high against the U.S. dollar. Analysts expect the EIA to report tomorrow a 1.2 million barrel fall in U.S. oil inventories in the week ended July 30th.
August 4th, 2010 (Wednesday)
Oil fell 8 cents to $82.47: A 729,000 barrel gain in U.S. gasoline inventories and a stronger U.S. dollar overshadowed a 2.8 million barrel drop in oil inventories.
August 5th, 2010 (Thursday)
Oil fell 46 cents to $82.01: U.S. jobless claims unexpectedly rose by 19,000 to 479,000 in the week ended July 31st.
August 6th, 2010 (Friday)
Oil fell $1.31 to $80.70: U.S. unemployment in July was worse than expected.
August 9th, 2010 (Monday)
Oil rose 48 cents to $81.48: Oil prices rose on speculation that the FOMC will take more steps to boost the sluggish economic recovery in tomorrow’s meeting.
August 10th, 2010 (Tuesday)
Oil fell $1.23 to $80.25: China’s imports were weaker-than-expected in July. In addition, productivity in the U.S. non-farm business sector fell in the second quarter for the first time since the fourth quarter of 2008.
August 11th, 2010 (Wednesday)
Oil fell $2.23 to $78.02: The Dow fell over 250 points as the Fed downgraded its economic outlook and China’s industrial growth slowed in July. On another note, investors overlooked a 3 million barrel fall in U.S. oil inventories in the week ended August 6th. Gasoline and distillate inventories rose 400,000 and 3.5 million barrels, respectively.
August 12th, 2010 (Thursday)
Oil fell $2.28 to $75.74: Worries about the global economy continue to rise as U.S. jobless claims rose by 2,000 last week.
August 13th, 2010 (Friday)
August 16th, 2010 (Monday)
Oil fell 15 cents to $75.24: Japan’s economy grew at an annualized pace of just 0.4% in the second quarter. Analysts were expecting a growth of 2.3%.
August 17th, 2010 (Tuesday)
Oil rose 53 cents to $75.77: Oil prices moved alongside the U.S. stock market as Wal-mart and Home Depot reported better than expected earnings. In addition,U.S. wholesale prices and industrial production both rose in July.
August 18th, 2010 (Wednesday)
Oil fell 35 cents to $75.42: Oil prices fell as low as $73.83 in early trading as the API reported late Tuesday a 5.86 million barrel increase in U.S. oil inventories in the week ended August 13th. Losses were limited, however, after the EIA reported a 800,000 barrel decline in U.S. oil inventories in the same week.
August 19th, 2010 (Thursday)
Oil fell 99 cents to $74.43: U.S. jobless claims rose by 12,000 to 500,000 in the week ended August 14th. In addition, the Philly Fed’s index of business conditions fell to -7.7 in August from +5.1 in July. The Dow closed down ~ 144 points.
August 20th, 2010 (Friday)
Oil fell 97 cents to $73.46: The euro dropped to a five-week low vs. the U.S. dollar.
August 23rd, 2010 (Monday)
Oil fell 72 cents to $73.10: The U.S. dollar gained once again vs. the euro on weak euro-zone economic data.
August 24th, 2010 (Tuesday)
Oil fell $1.47 to $71.63: U.S. existing home sales plunged 27.2% in July.
August 25th, 2010 (Wednesday)
Oil rose 89 cents to $72.52: The price of oil surprisingly rose despite some very bearish news. U.S. oil inventories shot up 4.11 million barrels while gasoline inventories rose 2.27 million barrels in the week ended August 20th. In addition, new home sales dropped 12% in July. Traders seemed to focus on the weakening dollar.
August 26th, 2010 (Thursday)
Oil rose 84 cents to $73.36: U.S. jobless claims dropped last week by 31,000 to 473,000.
August 27th, 2010 (Friday)
Oil rose $1.81 to $75.17: Oil prices rose after Ben Bernanke pledged that the Fed will take additional action if needed to boost the economy.
August 30th, 2010 (Monday)
Oil fell 47 cents to $74.70: Investors cautiously await this week's key economic reports. U.S. August unemployment will be reported on Friday.
August 31st, 2010 (Tuesday)
Oil fell $2.78 to $71.92: Investors are anticipating the EIA to report tomorrow a rise in U.S. oil inventories due to a slowing economic recovery.
Disclosure: No positions