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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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Oil futures benefit from tensions over Iran's nuclear program

Dec 05, 2011 01:22 PM

Preoccupations about Middle East tensions imperiling supplies pushed up oil futures on Monday as the energy commodity climbed in value for the second consecutive trading session, according to Bloomberg.

The quotation of a spokesman with the foreign ministry in an Irani newspaper stated a ban on the nation's export of crude oil will push up the price to $250 per barrel, which drove prices higher early in the trading session.

"The market is worried about the situation in Iran," analyst and broker Gene McGillian with Tradition Energy in Connecticut told the news service. "The Italians came up with a new austerity budget plan, which seems to boost the euro and oil."

At 1:57 p.m. on Monday, crude oil futures fell 0.15 percent, a 16 cent slip to $109.78 per barrel.

European leaders convening for summits this week will encounter officials from France and the U.K. attempt to get them to support a full embargo on imports of oil from Iran, according to The Financial Times. Though the drive of the meetings is attempting to preserve the integrity of the euro, France is adamant about restrictions of Iran because of the nuclear weapons program it is believed to be assembling, diplomats told the news source.

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