Oil News

Crude Oil trading around $50 a barrel a signs the rescission maybe easing

Crude Oil trading around $50 a barrel a signs the rescission maybe easing

The market will be eyeing U.S. weekly jobless claims, due later in the day

Oil was steady trading around $50 a barrel on Thursday, after surgingmore than 2 percent earlier as equity markets rallied on signs the U.S.recession was easing, boosting hopes of a demand recovery in world’stop energy user.

The market will be eyeing U.S. weekly jobless claims,due later in the day, for further signs that the speed of contractionin the economy was abating. “The U.S. inventory stats were really,really bad and we expected oil to fall to around $43 to $48, but thebottom was pretty firm even with the terrible data, and it’s tradingaround plus or minus $50,” said Tony Nunan, risk manager at Tokyo-basedMitsubishi Corp. Crude Oil is trading at $50 as of 9:25am, London Time.Crude’s Pool-Position is 85% Long, meaning that most Finotec clientsare buying the commodity.