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.

Derivative and forex trading broker Finotec is a division of leading real-time Internet trading company Finotec Trading Inc, which pioneered the world of online forex trading in 1998. After launching our revolutionary forex online trading platform in 2001, we continued to improve our services and now serve clients of all sizes in many locations worldwide, offering them real-time Internet trading not only in currencies, but also in options, commodities,... More