Futures Market News
Crude oil futures drop for fifth consecutive trading session
May 08, 2012 12:44 PM
Political uneasiness in the euro zone and the commentary of the oil minister of a top-producing nation pulled down crude oil futures on Tuesday, marking the fifth consecutive day of losses, according to Bloomberg.
Saudi Arabia oil minister Ali al-Naimi noting prices of the energy commodity are too high and the fallout of weekend election results in Greece and France tugged at prices to help create the longest bearish streak since early February of this year. France's president-elect, Socialist Francois Hollande, and German Chancellor Angela Merkel are likely to disagree on the best methods of surmounting damages caused by the sovereign debt crisis.
"The Saudis are still coming out and saying prices are too high, and they probably will continue to ramp up production," commodities broker Phil Streible with RJO Futures of Chicago told the news source. "The euro is getting everything down."
At 12:11 p.m. on Tuesday, crude oil futures fell 1.51 percent, a $1.71 loss to $111.45 per barrel.
An additional factor that is likely to continue pressing crude oil futures lower is the expectation of increased U.S. inventories of the energy commodity, according to The Wall Street Journal.
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