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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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German business metric gains benefits crude oil futures

Apr 20, 2012 11:16 AM

Crude oil futures finished off the trading week with advances on Friday, propelled after three consecutive days of losses by unanticipated gains in a business climate index in Germany, Bloomberg reports.

A poll of 7,000 executives administered by the Ifo institute of Munich showed the index rose to 109.9 this month after registering at 109.8 last month. The metric was forecast to fall to 109.5, according to a Bloomberg poll of 40 economists. The Ifo's advance for April is the metric's sixth consecutive gain, according to Dow Jones Newswires.

The U.N Security Council and representatives from oil-rich Iran plan to re-convene late next month in Baghdad to continue discussing the nuclear ambitions of the Middle Eastern nation, which is under oil export sanctions levied by western countries.

"People are beginning to wind back their risk premium associated with Iran," chief market analyst Ric Spooner with CMC Markets in Sydney told Bloomberg. "The U.S. economy is bubbling along but it's not really giving people the sense that the momentum will have an upward trajectory from here."

At 9:39 a.m. on Friday, crude oil futures rose 1.01 percent, a $1.19 increase to $119.19 per barrel.

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