Bernanke said on Wednesday that the Fed would like to taper off economy-spurring monetary stimulus measures as the year continues and close them by the end of the year. On Thursday the energy commodity endured its biggest losses in roughly seven months. Losses this week are hovering around 3 percent.
Also impacting the price of crude oil futures on Friday is the central bank of China, which trails only the U.S. for consumption of the energy commodity, announcing that it attempted to relax a severe cash crunch by injecting funds into the economy.
At 10:53 a.m. on Friday, WTI crude oil futures sank 1.12 percent, a $1.07 dive to $94.07 per barrel. At 10:53 a.m., Brent crude oil futures dropped 1.3 percent, a $1.33 loss to $100.82 per barrel.
From April to May, the Asian nation imported nearly 50 percent more crude oil from Iran, Reuters reports. The U.S. issued a sanctions waiver as the Middle Eastern nation is under scrutiny due to questions about the ambitions of its nuclear energy program.
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