Futures Market News
Crude oil futures follow euro's dip
Mar 29, 2012 11:08 AM
The price of crude oil futures fell to its lowest in value in nearly one week of trading on Thursday as western nations pondered the possibility of accessing emergency reserves of the energy commodity, according to Bloomberg.
Inventories of crude oil climbed markedly in the U.S., which is recognized as the globe's biggest consumer of oil. The prime minister of France noted that the U.S. and European Union agreeing to release strategic reserves is likely. The oil minister of Saudi Arabia, the top-producing of the nations of Organization of Petroleum Exporting Countries, said he wants to see oil prices fall.
"We've had a small break in the uptrend," trader Gerrit Zambo with Bayerische Landesbank in Munich told Bloomberg. "There's uncertainty about where we go from here. Prices aren't high enough to be scary, and not low enough to be a buying opportunity."
At 9:26 a.m. on Thursday, crude oil futures fell 0.06 percent, an 8-cent fall to $124.08 per barrel.
Dow Jones Newswires reports the price of crude oil followed the downward tack of the shared currency of the European Union, which is suffering due to indications of the sovereign debt crisis manifesting again.
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