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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 gain amid uplifting economic data

Apr 17, 2012 04:19 PM

Crude oil futures gained to their top price in 14 days on Tuesday, propelled upward by a debt auction in Spain exceeding its maximum target for bond sales, Bloomberg reports.

The energy commodity also benefited from the International Monetary Fund enhancing projections for global development and growth for this year and 2013. But gains were tempered by oil-rich Iran committing to continuing diplomatic discussions about its nuclear program.

"We're rebounding in large part because of the better-than-expected bond auction in Europe," vice president Phil Flynn with brokerage PFGBest in Chicago told the news source. "The spread is coming in a great deal because there's less concern about a cutoff of Iranian supply and the Seaway reversal was moved up a couple days."

At 2:50 p.m. on Tuesday, crude oil futures increased 0.06 percent, a 7 cent lift to $118.75 per barrel.

The Wall Street Journal reports the Seaway pipeline reversal, which was devised as a method of facilitating a surplus of the energy commodity in Oklahoma, will kick off crude deliveries to the Gulf Coast sooner than anticipated.

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