Oil futures drop 3 percent as Bernanke dismisses hopes of immediate economic stimulus

InternAdmin Contributor
Font Size:

SAN FRANCISCO (MarketWatch) — Crude-oil futures traded 3% lower Thursday as Federal Reserve Chairman Ben Bernanke quashed hopes of further economic stimulus and a rising dollar trumped a positive string of U.S. macroeconomic data that had lifted prices by nearly 1% earlier.

Oil for August delivery declined $2.85 to trade at $95.20 a barrel on the New York Mercantile Exchange. It had moved as high as $97.27 a barrel earlier.

Full Story: Oil off 3%, moves toward 95% as dollar strengthens