Crude Oil dips below $50 a barrel on economic woes

Crude’s Thursday rise was fueled by a surge on Wall Street and data

Crude’s Thursday rise was fueled by a surge on Wall Street and data

Oil eased below $50 a barrel on Friday, paring Thursday’s gains as mixed U.S. economic data spotlighted the fragile nature of a possible recovery in the world’s top energy user. Crude’s Thursday rise was fueled by a surge on Wall Street and data showing the number of U.S. workers filing new claims for jobless benefits unexpectedly fell last week, though continuing claims rose to a record as the recession bites. Crude Oil is trading at $49.60 as of 9:35am, London Time. Crude Oil’s Pool-Position is at 86% Long, meaning that most Finotec clients are buying the commodity.