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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 fall after inventories gained, Greek troubles intensify

May 09, 2012 12:22 PM

??Increased inventories pulled down crude oil futures nearly 2 percent on Wednesday as the energy commodity also lost value due to political troubles in debt-hobbled Greece, according to Bloomberg.

The U.S. Energy Department said supplies of crude oil gained 3.65 million barrels to amount to 379.5 million barrels, representing the highest amount since August 1990. Results of Greek elections this past weekend threaten to unravel the Aegean nation's second tranche of bailout aid since June 2010 as the shared currency of the European Union also is feeling the pinch of turmoil prompted by the sovereign debt crisis.

"We're facing price pressure on the supply side and the demand side," chief executive officer David McAlvany with McAlvany Financial Group in Colorado told Bloomberg. "We continue to see big increases in crude supply. There's palpable fear in Europe, and it's not limited to Greece."

At 12:37 p.m. on Wednesday, crude oil futures dropped 0.43 percent, a 49 cent loss to $112.24 per barrel.

The Associated Press reports U.S. inventories of crude oil presently are 2.5 percent higher than stockpiles from one year ago, according to the U.S. Energy Department.

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