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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 drive toward top price in one week

Apr 26, 2012 11:47 AM

Crude oil futures were barreling toward their highest price in seven days in the aftermath of the policy making arm of the U.S. Federal Reserve noting growth will pick up, according to Bloomberg.

Following two days of meetings that adjourned on Wednesday, the Federal Open Market Committee noted the next few quarters will see slow development followed later by quicker growth. That prompted conjecture about rising demand for the energy commodity.

"The FOMC moderately upgraded their growth estimates which reinforced the general view the market is operating on, that you will see a solid demand outlook from the U.S.," chief marketing analyst Ric Spooner with CMC Markets in Sydney told Bloomberg.

At 7:56 a.m. on Thursday, crude oil futures rose 0.35 percent, a 42 cent lift to $119.54 per barrel.

Reuters reports Japanese imports of the energy commodity from Iran, which is under scrutiny and suffering western nations' sanctions for its nuclear ambitions, fell 6.3 percent in March as compared to the same month of last year. But the U.S. had exempted Japan and 10 European Union nations from some of the financial sanctions since they slashed purchases of oil from the Middle Eastern nation.

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