Treasury Elects Special Envoy to China

Olin Wethington has been elected special envoy to China by the U.S. Treasury Department as part of its efforts to get China to become more flexible with its currency.

Oil Price Update: Settles Below $47 A Barrel

Light sweet crude for the June contract came up short this today settling below $47 and $46.92 a barrel. The prices continued to drop after yesterday's report from the U.S. Dept of Energy saying U.S. inventories continued to climb for 13 of the last 14 weeks.