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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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Debt crisis pulls down crude oil futures

May 31, 2012 10:29 AM

Crude oil prices were barreling toward their steepest monthly losses since 2009 on Thursday, tugged down by conjecture that reduced demand for the energy commodity could be one consequence of the widening debt crisis in the euro zone, Bloomberg reports.

The pace of inflation in May in Europe slowed down more than projections issued by economists, settling at its lowest in more than 12 months amid concerns about an expanding economic slump.

"The market seems fixed on the debt worries in Southern Europe and potential repercussions from the Greek situation spreading," analyst Michael Poulsen with Global Risk Management in Denmark told Bloomberg. "In the short term we'll see more market jitters as participants are looking at the headlines, but I'm fairly optimistic we won't see a break-up in the euro construction any time soon."

At 8:34 a.m. on Thursday, crude oil futures were even at $103.47 per barrel.

Dow Jones Newswires reports concerns about the integrity of Greece and Spain were weighing on the energy commodity as fears grew about leaders' inability and unwillingness to confront the peril posed by the debt scourge.

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