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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 climb as tempest manifests in Gulf

Sep 07, 2011 12:49 PM

Inclement weather in the Gulf of Mexico posed the possibility of reducing production of crude oil, which helped push up prices on Wednesday, Bloomberg reports.

As a weather system strengthened, speculation fell on the U.S. Energy Department indicating inventory levels reduced by 2 million barrels in the wake of Tropical Storm Lee, according to a report scheduled to be released on Thursday. The American Petroleum Institute also is slated to release a report germane to crude oil inventories.

"A new storm is building up strength, which is giving the market a boost," broker Tom Bentz with BNP Paribas Commodity Futures in New York told Bloomberg. "The API report tonight and the DOE report tomorrow will probably show a crude draw. There's also optimism that President Obama will announce additional stimulus in his upcoming speech."

At 1:29 p.m. on Wednesday, crude oil futures increased 2.21 percent, a $2.49 gain to $115.38 per barrel.

U.S. President Barack Obama is preparing to deliver a speech on Thursday about strategies of spurring job creation but Jeff Sessions, ranking member of the Senate Budget Committee, indicated he will oppose the president's plan out of consideration for the U.S. incurring even more debt, according to The Hill.

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