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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 drop lower than $100 per barrel

Jul 10, 2012 11:40 AM

The end of a labor strike in the largest exporter in Western Europe helped pull down the price of crude oil futures on Tuesday, according to Bloomberg.

Also driving down the price of the energy commodity were minimized acquisitions effected by China, the globe's second largest consumer of oil. The U.S. is the world's largest consumer of oil.

The government of Norway intervened in the dispute and demanded compulsory arbitration, which staved off the workers' planned walkout at midnight on Tuesday.

"The end of the strike in Norway and lower imports by China are weighing on oil prices today, while in the background the Europe crisis is unresolved," states a Tuesday email penned by senior broker Robert Montefusco with Sucden Financial in London to Bloomberg. "Unless we get more stimulus from China, it looks like Brent will test $95 again."

At 10:11 a.m. on Tuesday, crude oil futures fell 1.47 percent, a $1.47 loss to $98.85 per barrel.

The Wall Street Journal reports the energy commodity's drop below the $100-per-barrel-mark was also linked with underwhelming trade data for June issued by China.

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