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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 impacted by Energy Department report

Apr 14, 2011 12:36 PM

Oil futures rose for the second straight day on Thursday amidst conjecture that U.S. fuel demand is likely to grow, Bloomberg reports.

A U.S. Energy Department report indicated gasoline stockpiles last week dropped by 7 million barrels to 209.7 million, representing the largest decline since October 1998.

"The talk is that this U.S. inventory report saw a spectacular draw in gasoline, and that prompted the buying," Victor Shum, a senior principal at consultants Purvin & Gertz in Singapore, told the news service. "The bounce is mainly a rebound from the sharp correction of a couple of days ago."

Shortly after 1 p.m. on Thursday, Brent crude oil futures slipped 0.38 percent, a 0.47 cent drop to $121.86 per barrel. Gasoline futures also were down, falling 0.23 percent, a 0.0074 cent dive to $3.235 per gallon.

"Despite the positive demand signal, the market remained concerned over potential demand destruction due to rising retail gas prices," according to a Thursday email from Mark Pervan, head of commodity research at Australia & New Zealand Banking Group Ltd. in Melbourne.
http://www.bloomberg.com/news/2011-04-13/crude-oil-trades-near-a-two-day-high-after-u-s-gasoline-supplies-decline.html
 

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