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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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Saudi minister commentary helps pull down crude oil futures

Jun 12, 2012 11:44 AM

Crude oil futures dropped for a fourth consecutive session on Tuesday as a consequence of remarks uttered by the oil minister of the top nation of the Organization of Petroleum Exporting Countries, Bloomberg reports.

Also tugging down the price of the energy commodity on Tuesday was the U.S. granting additional exemptions for buyers of crude from Iran, which is eyed for its nuclear ambitions. Oil Minister Ali al-Naimi of Saudi Arabia said that OPEC is likely to require an increased production maximum.

"The comments from yesterday are surprising and suggest Saudi Arabia isn't willing to reduce production," analyst Carsten Fritsch with Commerzbank in Frankfurt told Bloomberg on Tuesday. "Without a production cut, there will be considerable oversupply in the market in the second half, which will put further pressure on prices."

At 8:12 a.m. on Tuesday, crude oil futures fell 1.04 percent, a $1.02 drop to $96.98 per barrel.

The Wall Street Journal reports waning optimism for the bailout for the banking system of Spain also pulled down the price of oil. The nation hosts the euro zone's fourth-largest economic system.

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