Crude Oil trading above $45 a barrel after drop yesterday

The focus is back on the state of the economic recovery in the world’s biggest energy consumer after Bank of America

The focus is back on the state of the economic recovery in the world’s biggest energy consumer after Bank of America

Oil steadied above $45 a barrel on Tuesday, pausing after a fall yesterday as traders awaited further clues on demand from U.S. economic, corporate and oil inventory data.

The focus is back on the state of the economic recovery in the world’s biggest energy consumer after Bank of America, the top U.S. bank, posted a jump in bad loans, sending equity markets and most commodities down. “It seems people are trying to sort out the noise in the economic data and profit releases from the United States.

They’re still a bit confused if this is the bottom of the market or if we’ve got worse to come,” said Ben Westmore, commodities analyst at National Australia Bank. Crude Oil is trading at $48 a barrel as of 9:20am, London Time. Crude Oil’s Pool-Position is 75% Long, meaning that most Finotec traders 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