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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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Price of oil climbs to highest value since October '08

Dec 29, 2010 12:27 PM

Speculation about decreasing stockpiles of crude oil in the U.S. answered worries about a weakening recovery from the economic recession in the globe's top consumer of the commodity, Bloomberg reports. Oil's price rose to its highest value in more than two years.

As U.S. consumer confidence decreased and home values slipped more than economists believed they would, oil futures declined as much as 0.3 percent on Tuesday.

"Jobs are hard to come by and the value of the single largest investment for most consumers continues to decline," according to a Wednesday note from Stephen Schork, president of The Schork Group in Villanova, Pennsylvania. "When you toss in the potential for $100 crude oil in 2011, we wonder why confidence is as high as it is."

The price for February-delivery crude oil rose 0.5 percent on Tuesday, settling at $91.49 per barrel. On Monday, crude's price was $91.88 per barrel, its highest value since October 2008.

"Consumers are clearly still anxious about the future," Peter Beutel, president of energy advisor Cameron Hanover of New Canaan, Connecticut, told Bloomberg. "Expectations had been for an improvement to 56, so the figure was not helpful."

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