Oil News

U.S. crude oil stockpiles probably climbed last week from near a 16-year high on falling refinery purchases.

Oil trading around $51 a barrel as the recession prolongs

U.S. crude oil stockpiles probably climbed last week from near a 16-year high on falling refinery purchases

Crude oil traded near $51 a barrel after falling yesterday as declines in equity markets indicate an extended recession that will cut fuel demand. U.S. crude oil stockpiles probably climbed last week from near a 16-year high on falling refinery purchases. “The economic fundamentals will struggle to hold the oil price above $50 a barrel for the time being,” said David Moore, a commodity strategist with Commonwealth Bank of Australia Ltd. in Sydney. “The higher stockpiles have been a significant constraint on the price.” Crude Oil is trading at $51.30 as of 9:25am, GMT. Crude’s Pool-position is 89% meaning that most Finotec traders are buying the commodity. 10,030 Crude lots were traded yesterday.