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Recent News:
  • Fri, May 10 05:00 AM  Crude oil futures drop as dollar's strength grows:  The emboldened U.S. dollar pulled down West Texas Intermediate crude oil futures on Friday, as the world's reserve currency pushed to its top level in more than 14 days, according to Bloomberg.  Read more.    Fri, May 10 04:33 AM  Loonie dives after release of weak labor report:  The Canadian dollar on Friday dropped to its week-low against the U.S. dollar after the nation released underwhelming job-creation data, Bloomberg reports.  Read more.    Fri, May 10 02:17 AM  Aussie's losses increasingly causing concern:  Friday saw the Australian dollar dive toward parity with the world's reserve currency for the first time since the beginning of the second half of last year as concerns about Australia's economy were gaining momentum, according to Bloomberg.  Read more.    Fri, May 10 05:00 AM  Crude oil futures drop as dollar's strength grows:  The emboldened U.S. dollar pulled down West Texas Intermediate crude oil futures on Friday, as the world's reserve currency pushed to its top level in more than 14 days, according to Bloomberg.  Read more.    Fri, May 10 04:33 AM  Loonie dives after release of weak labor report:  The Canadian dollar on Friday dropped to its week-low against the U.S. dollar after the nation released underwhelming job-creation data, Bloomberg reports.  Read more.    Fri, May 10 02:17 AM  Aussie's losses increasingly causing concern:  Friday saw the Australian dollar dive toward parity with the world's reserve currency for the first time since the beginning of the second half of last year as concerns about Australia's economy were gaining momentum, according to Bloomberg.  Read more.    Fri, May 10 05:00 AM  Crude oil futures drop as dollar's strength grows:  The emboldened U.S. dollar pulled down West Texas Intermediate crude oil futures on Friday, as the world's reserve currency pushed to its top level in more than 14 days, according to Bloomberg.  Read more.    Fri, May 10 04:33 AM  Loonie dives after release of weak labor report:  The Canadian dollar on Friday dropped to its week-low against the U.S. dollar after the nation released underwhelming job-creation data, Bloomberg reports.  Read more.    Fri, May 10 02:17 AM  Aussie's losses increasingly causing concern:  Friday saw the Australian dollar dive toward parity with the world's reserve currency for the first time since the beginning of the second half of last year as concerns about Australia's economy were gaining momentum, according to Bloomberg.  Read more.   
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Crude oil futures climb from Fed chief speech

Mar 26, 2012 12:39 PM

The price of crude oil futures had a minimal response to the chief of the U.S. Federal Reserve saying a third round of quantitative easing remains an option, according to Bloomberg.

Ben Bernanke, addressing the National Association for Business Economics, said further strategies of monetary intervention are a possibility and will be helpful to reduce joblessness in the U.S. The energy commodity gained back Monday's earlier 0.06 percent losses, which had been due to concerns about the sovereign debt crisis tempering development and growth.

"The reaction of the market to the Bernanke comments is mystifying," chief market strategist Bill O'Grady with Confluence Investment Management in St. Louis told Bloomberg. "There's absolutely nothing in the speech that we haven't heard before. Bernanke has made it abundantly clear over the last six months that he'll keep interest rates near zero to help reduce unemployment."

At 11:57 a.m. on Monday, crude oil futures gained 0.31 percent, a 39-cent lift to $125.52 per barrel.

Reuters reports Bernanke's commentary also helped confirm that interest rates will remain low and that questions regarding Iran and its nuclear program also drove oil prices higher.

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