Oil prices hang in $80 territory

By Chavon Sutton, staff reporter

NEW YORK (CNNMoney.com) -- Oil prices fell Thursday as renewed doubts over Greece's bail out plan overshadowed a positive jobs report.

What prices are doing: Crude oil for May delivery dipped 8 cents to settle at $80.53 a barrel.

For more commodities prices, click chart.

What's moving the market: Prices pushed up to $81.48 a barrel earlier in trading, but they could not hold the gains for long as renewed doubt over a Greek bail overshadowed an upbeat jobs report. The positive news helped push all three stock indexes to new 18-month highs.

Oil prices also retreated after comments by European Central Bank President Jean-Claude Trichet spooked investors. He called the greek bailout "very, very bad."

What analysts are saying: "Trichet swept the legs out from under the oil market," said Bradley Samples, a commodities analyst for Summit Energy.

Now "we're back to square one," he added.

Eurozone nations, including Germany and France had been back and forth for weeks on a potential rescue plan for Greece.

But some analysts say that Greek's reluctance to take the help will keep a cap on oil prices for now.

"You're never in a good position when you need to ask IMF for help and Greece is unwilling to do this," said Hamza Khan, a commodities analyst for The Schork Group.

"Until they reach out [for help] German isn't going to do anything and we're going to continue see concerns with the euro."

Looking ahead: Investors are awaiting a closely watched consumer sentiment report due out on Friday. The Michigan Consumer Sentiment Index is forecast to tick up slightly, signaling an improvement in how consumers feel about the economy. And when the economy is stronger there is higher demand for oil.  To top of page

Just the hot list include
Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Overnight Avg Rate Latest Change Last Week
30 yr fixed3.80%3.88%
15 yr fixed3.20%3.23%
5/1 ARM3.84%3.88%
30 yr refi3.82%3.93%
15 yr refi3.20%3.23%
Rate data provided
by Bankrate.com
View rates in your area
Find personalized rates:
Index Last Change % Change
Dow 32,627.97 -234.33 -0.71%
Nasdaq 13,215.24 99.07 0.76%
S&P 500 3,913.10 -2.36 -0.06%
Treasuries 1.73 0.00 0.12%
Data as of 6:29am ET
Company Price Change % Change
Ford Motor Co 8.29 0.05 0.61%
Advanced Micro Devic... 54.59 0.70 1.30%
Cisco Systems Inc 47.49 -2.44 -4.89%
General Electric Co 13.00 -0.16 -1.22%
Kraft Heinz Co 27.84 -2.20 -7.32%
Data as of 2:44pm ET


Bankrupt toy retailer tells bankruptcy court it is looking at possibly reviving the Toys 'R' Us and Babies 'R' Us brands. More

Land O'Lakes CEO Beth Ford charts her career path, from her first job to becoming the first openly gay CEO at a Fortune 500 company in an interview with CNN's Boss Files. More

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.