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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 hover Thursday after strong performance on Wednesday

Sep 08, 2011 10:09 AM

The price of crude oil futures ebbed and flowed Thursday morning prior to the release of a government report indicating the inventory of U.S. supplies of the energy commodity is likely to fall, according to published reports.

One day after gaining nearly 4 percent in value, crude oil prices hovered around even, Bloomberg reports. The manifestation of Tropical Storm Lee in the Gulf of Mexico prompted the slowdown of oil output in the Gulf of Mexico as output tapered as well. Another system, Tropical Storm Nate, is manifesting in the Gulf of Mexico and forecasters said it is likely to become a full-blown category 1 hurricane before making landfall in Eastern Mexico, according to Reuters.

"Markets have adjusted to a level where growth is no longer priced in," managing partner Kaha Kiknavelidze of Rioni Capital Partners told Bloomberg. Rioni is a London-based hedge fund that focuses on emerging markets.

At 10:50 a.m. on Thursday, crude oil futures gained 0.22 percent, a 26 cent rise to $116.06 per barrel.

Production of crude oil in Mexico only would be impacted by Nate should the system follow its forecast.

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