News In Brief

MID-DAY UPDATE: Oil prices up to $101 a barrel, corn stocks at historically tight levels

Katharine Crnko Jun 9, 2011
News In Brief

MID-DAY UPDATE: Oil prices up to $101 a barrel, corn stocks at historically tight levels

Katharine Crnko Jun 9, 2011

Here are today’s top headlines from the Marketplace Morning Report and from around the web.

The S&P 500 is in its longest slump since 2009. How concerned should we be? Here is our coverage.

Weekly unemployment claims are only slightly higher than the previous week — up by about 1,000. But that still means they’re stuck at a higher than comfortable level.

Interested in buying a barrel of crude oil? Well, in New York, it’ll set you back more than $101 this morning. The price is about $1 higher, mostly the result of a chaotic OPEC meeting yesterday in Vienna. The oil cartel rejected international calls to pump more oil — and in fact the summit ended so badly, some called it the “worst OPEC meeting ever.” Gasoline futures for July have lost a penny, slipping to $2.98 a gallon. Don’t get your hopes up — that’s not going to show up at the pump in our lifetimes.

The Department of Agriculture told us all the natural disasters that have been going on in the nation’s midsection will impact food prices. U.S. corn supplies are at their tightest levels in 15 years because of devastating floods. Here is our coverage.

The Bank of England has kept its key interest rate at an all-time low of 0.5 percent as the muted economic recovery in Britain continues to trump concerns over rising inflation.

The European Central Bank is in “strong vigilance” mode over inflation pressures, ECB President Jean-Claude Trichet said on Thursday, using code words to indicate an interest rate increase is probably only a month away.

Don’t bother stopping me if this sounds familiar: Hackers have breached online security at — insert big corporation’s name here. This time, the names, account numbers and email addresses of hundreds of thousands of Citibank credit card customers were compromised in early May.

Now to Colorado where today the ski industry association said resorts in the state saw 2.6 percent more visitors this season than they did last season. In fact the state’s ski areas are on track to pass the 12 million skier mark for the third time ever.

Well if you’re looking for French Finance Minister Christine Lagarde today you can find her on Twitter. She’s taking questions a day before the nominations deadline in the race to run the International Monetary Fund. Here is our coverage.

To Northampton, Mass., where a guy got a letter from Bank of America that was definitely worth saving. The letter said his home would be foreclosed on if he didn’t pay up immediately. The amount he owed, according to the letter? Zero dollars, zero cents. After the local TV station WWLP did a story on this Bank of America told the man he could stay in his home. And they sent him a $150 check for the trouble.

You can read the rest of today’s stories from the Marketplace Morning Report here.

We’re here to help you navigate this changed world and economy.

Our mission at Marketplace is to raise the economic intelligence of the country. It’s a tough task, but it’s never been more important.

In the past year, we’ve seen record unemployment, stimulus bills, and reddit users influencing the stock market. Marketplace helps you understand it all, will fact-based, approachable, and unbiased reporting.

Generous support from listeners and readers is what powers our nonprofit news—and your donation today will help provide this essential service. For just $5/month, you can sustain independent journalism that keeps you and thousands of others informed.