Commodity Corner: Oil Down as Bernanke Disappoints
Light, sweet crude edged lower Thursday after the dollar strengthened on the U.S. Federal Reserve Chairman's speech.
Fed Chairman Ben Bernanke outlined steps to offer more support to the U.S. economy. The remarks, however, failed to provide detailed steps to boost the weakening economy.
After Bernanke's remarks, the Dow Jones Industrial Average and other major stock indexes plunged.
The WTI lost 29 cents to settle at $89.05 a barrel, down 0.32 percent. Its European counterpart also closed lower at $114.55 a barrel. Brent crude fell $1.25 Thursday.
The intraday range for the WTI was $88.40 to $90.23 a barrel and $114.20 to $116.49 for Brent crude.
Front-month natural gas gained 4 cents to end the session at $3.98 per thousand cubic feet. Natural gas prices inched higher on a better-than-expected supplies report. The Energy Information Administration reported a growth of 64 billion cubic feet for natural gas inventories. Prices for natural gas traded between $3.92 and $4.03 Thursday.
The U.S. National Hurricane Center reported Tropical Storm Nate was gaining strength and could become a hurricane Friday or Saturday. Oil major BP has begun pulling nonessential workers from its Green Canyon platforms in the Gulf of Mexico.
RBOB, reformulated gasoline blendstock, settled at $2.885 a gallon.