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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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Nations believed to be set to release oil reserves

Apr 04, 2012 06:59 AM

The globe's top consumers of oil are poised to release billions of barrels of emergency reserves of the energy commodity to stave off the continued increase of crude oil as sanctions tighten against Iran, according to The Financial Times.

The U.S., the U.K., France and Japan are likely to soon approve of releasing strategic petroleum stocks in advance of sanctions levied by the European Union against the oil-rich Middle Eastern nation, which are scheduled to be executed in July. The pivotal question is whether disruption to the current supply is grave enough to warrant opening the reserves.

"The pressure to use the strategic petroleum reserve is rising," consultancy head Robert McNally with The Rapidan Group and a former high-level White House oil official told the news source. "I get the impression it is coming up this spring or summer."

Iran is under scrutiny by western nations due to its nuclear program, which the countries believe to be oriented toward the assembly of nuclear weapons.

Turkey is planning on acquiring oil from Libya as one method of minimizing its reliance by one-fifth on the energy commodity from Iran, the Turkish Press reports. Turkey is believed to be working on avoiding sanctions imposed against counties that purchase oil from Iran.

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