Crude Oil falls to $49 a barrel ahead of U.S data

the release of U.S. weekly data that could show a rise in crude stocks for the world’s top energy user

the release of U.S. weekly data that could show a rise in crude stocks for the world’s top energy user

Oil slid more than $1 to under $49 on Tuesday, extending the previous day’s drop as caution grew ahead of the release of U.S. weekly data that could show a rise in crude stocks for the world’s top energy user. The grim U.S. inventory report is likely to confirm the International Energy Agency’s dismal outlook for global oil demand, after it slashed its 2009 forecasts on Friday. “The inventory data is still expected to be fairly bearish, and the market’s pricing that in,” said Mark Pervan, a senior commodity strategist with ANZ Bank in Melbourne. Crude Oil is trading at $50.00 a barrel as of 10:05am, London Time. Crude’s Pool-Position is 83% Long, meaning that most Finotec traders are buying the commodity.