Oil News

Crude oil storage in the world’s biggest energy consumer the United States rose by 6.9 million barrels

Oil falls below $48 a barrel as U.S inventories rise

Crude oil storage in the world’s biggest energy consumer the United States rose by 6.9 million barrels

More U.S. data showing swollen crude stocks pushed oil below $48 a barrel on Wednesday, and analysts said there was little room for optimism that demand will soon rise to soak up the excess. Crude oil storage in the world’s biggest energy consumer the United States rose by 6.9 million barrels last week, the American Petroleum Institute (API) said late on Tuesday, far above analyst forecasts of a 2.1 million-barrel build. Crude Oil is trading at $47.47 as of 10:45am, London time. Crude’s Pool-position is 70% short, meaning that most Finotec client are selling the commodity.

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