Oil News

The U.S. is clearly the economy we have to look at to see how the demand side of the equation is working

Crude Oil prices to fall as U.S demand slumps

The U.S. is clearly the economy we have to look at to see how the demand side of the equation is working

Crude oil fell on concern inventories will rise as the global recession saps demand for fuels in the U.S., the world’s biggest energy user. A U.S. Commerce Department report on April 24 may show orders for durable goods such as refrigerators and computers declined for the fifth time in six months in March, according to a Bloomberg News survey of economists.

The U.S. is clearly the economy we have to look at to see how the demand side of the equation is working,” said Geoff Clear, the head of Asia Commodities for Australia & New Zealand Banking Group Ltd. in an interview with Bloomberg. “With that in mind we’ve seen stockpiles growing and we aren’t seeing signs that these builds are being tempered.” Crude Oil is trading at $51.65 as of 9:20am, London Time. Crude’s Pool-Position is 81% Long, meaning that most Finotec clients are buying the commodity.