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.

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