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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 tugged by slumping U.S., Chinese GDP

Apr 30, 2012 09:50 AM

Anticipations for the reduced pace of growth in the globe's two largest economies pulled down the price of crude oil futures on Monday, according to The Associated Press.

The energy commodity also was under pressure as the sovereign debt crisis continue thrashing about the euro zone, undermining demand. The U.S. Commerce Department said last week that gross domestic product growth during the first quarter of 2012 was lower than that of the final quarter of last year. China also reported a slower gain in GDP during the first quarter of the year.

"The disappointing GDP data continued a trend of recent weeks in which economic releases have been tilting toward the bearish side," states a report authored by energy trader and consultant Ritterbusch and Associates. "This has conjured up images of further petroleum demand slippage especially when combined with slowed growth indications out of China."

At 7:53 a.m. on Monday, crude oil futures fell 0.44 percent, a 53 cent drop to $119.30 per barrel.

Bloomberg reports the economy of Spain shrank during the first quarter of the year as the nation enters its second recession in three years.

The price of oil is driving toward its first monthly losses in four months, according to Bloomberg.

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