NEW YORK The price of oil dropped below $100 per barrel for the first time since February. The dramatic drop $5 per barrel by midday is easing fears that high energy prices would cripple a U.S. economy that is struggling to overcome high unemployment, stagnant wages and weak growth.

The catalyst was Fridays weaker than expected report on job growth in the U.S. That added to recent signs that the global economy is weakening, meaning demand for oil should slow.

Earlier this year, world oil demand looked to be rising quickly at the same time that world supplies were threatened by a host of small production outages and the prospect of drastically reduced production from Iran, the worlds third biggest exporter.

Those developments raised the prospect that world supplies would be at their most tenuous just as the summer driving season in the developed world was arriving. The price of the U.S. benchmark oil rose to $110. International oil spiked even higher, to $128 per barrel.

Gasoline prices in the U.S. appeared to be on track to soar past $4 per gallon nationwide and break the 2008 record of $4.11

That picture has now been turned upside down. World oil supplies are growing while demand is falling. U.S. gasoline prices have fallen to $3.80 per gallon from a peak of $3.94 in early April. Now they could go as low as $3.50 per gallon by July 4, according to Tom Kloza, Chief Oil Analyst at the Oil Price Information Service.

On Friday, Benchmark West Texas Intermediate crude fell $4.83 to $97.70 in afternoon trading Friday. Thats a drop of 4.7 percent.

Oil prices have been falling since Wednesday because of a renewed focus on the economy. The Labor Department said Friday that the U.S. economy added just 115,000 jobs in April far fewer than the pace of hiring earlier this year. Government data show that U.S. oil consumption dropped 5.3 percent in the first quarter. Meanwhile, supplies have been growing for the past six weeks and hit a 22-year high in Cushing, Okla., where benchmark crude is delivered.

The European economy also is slowing down as governments on that continent struggle with oppressive debt.

Were fearful that the economy is slowing more than we originally thought, PFGBest analyst Phil Flynn said.

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Oil drops below $100 first time since Feb.

THE price of oil has dropped below $US100 per barrel for the first time since February.

The dramatic drop – $US5 per barrel by midday on Friday – is easing fears that high energy prices would cripple a US economy that is struggling to overcome high unemployment, stagnant wages and weak growth.

The catalyst was Friday’s weaker than expected report on job growth in the US that added to recent signs that the global economy is weakening, meaning demand for oil should slow.

Earlier this year, world oil demand looked to be rising quickly at the same time that world supplies were threatened by a host of small production outages and the prospect of drastically reduced production from Iran, the world’s third biggest exporter.

Those developments raised the prospect that world supplies would be at their most tenuous just as the summer driving season in the developed world was arriving. The price of the US benchmark oil rose to $US110. International oil spiked even higher, to $US128 per barrel.

Petrol prices in the US appeared to be on track to soar past $US4 per gallon nationwide and break the 2008 record of $US4.11

That picture has now been turned upside down. World oil supplies are growing while demand is falling. US petrol prices have fallen to $US3.80 per gallon from a peak of $US3.94 in early April. Now they could go as low as $US3.50 per gallon by July 4, according to Tom Kloza, Chief Oil Analyst at the Oil Price Information Service.

On Friday, Benchmark West Texas Intermediate crude fell $US4.83 to $US97.70 in afternoon trading on Friday. That’s a drop of 4.7 per cent.

Oil prices have been falling since Wednesday because of a renewed focus on the economy. The Labor Department said on Friday that the US economy added just 115,000 jobs in April – far fewer than the pace of hiring earlier this year. Government data show that US oil consumption dropped 5.3 per cent in the first quarter. Meanwhile, supplies have been growing for the past six weeks and hit a 22-year high in Cushing, Oklahoma, where benchmark crude is delivered.

The European economy also is slowing down as governments on that continent struggle with oppressive debt.

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Oil below $US100 for first time since Feb

ATHENS, GREECE–(Marketwire -05/04/12)- Star Bulk Carriers Corp. (the “Company” or “Star Bulk”) (SBLK – News), a global shipping company focusing on transportation of dry bulk cargoes, announced today:

NASDAQ notificationThe Company received written notification from The NASDAQ Stock Market LLC (“Nasdaq”) dated May 2, 2012 indicating that because the closing bid price of the Company’s common stock for the previous 30 consecutive business days was below the minimum $1.00 per share bid price requirement for continued listing on the Nasdaq Global Select Market, the Company is not in compliance with Nasdaq Listing Rule 5450(a)(1). The applicable grace period to regain compliance is 180 days.

This notification has no effect on the listing of the Company’s common stock at this time. The Company intends to monitor the closing bid price of its common stock between now and October 29, 2012 and is considering its options in order to regain compliance with the Nasdaq minimum bid price requirement.

Update on Company’s Share Repurchase Plan The Company cancelled and withdrew 725,957 shares from its outstanding share capital that it had repurchased up to April 30th 2012. The Company intends to continue acquiring its common shares in the open market at prices and amounts in its sole discretion.

About Star BulkStar Bulk is a global shipping company providing worldwide seaborne transportation solutions in the dry bulk sector. Star Bulk’s vessels transport major bulks, which include iron ore, coal and grain and minor bulks such as bauxite, fertilizers and steel products. Star Bulk was incorporated in the Marshall Islands on December 13, 2006 and maintains executive offices in Athens, Greece. Its common stock trades on the Nasdaq Global Market under the symbol “SBLK.” Currently, Star Bulk’s fleet consists of fourteen dry bulk carriers, consisting of six Capesize vessels and eight Supramax vessels and a combined cargo carrying capacity of 1,475,005 deadweight tons and an average age of approximately 10 years.

Forward-Looking StatementsMatters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.

The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “believe,” “anticipate,” “intends,” “estimate,” “forecast,” “project,” “plan,” “potential,” “may,” “should,” “expect,” “pending” and similar expressions identify forward-looking statements.

The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, examination by the Company’s management of historical operating trends, data contained in its records and other data available from third parties. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond the Company’s control, the Company cannot assure you that it will achieve or accomplish these expectations, beliefs or projections.

In addition to these important factors, other important factors that, in the Company’s view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for dry bulk shipping capacity, changes in the Company’s operating expenses, including bunker prices, drydocking and insurance costs, the market for the Company’s vessels, availability of financing and refinancing, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessels breakdowns and instances of off-hires and other factors. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. The information set forth herein speaks only as of the date hereof, and the Company disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this communication.

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Star Bulk Carriers Corp. Announces Receipt of Nasdaq Notice and Update on Company's Share Repurchase Plan

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Oil falls below $US100 for first time since Feb

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Vote: China, human rights and our appetites | Jon Talton

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Oil drops below $100 first time since February

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