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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 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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