Crude Oil falls slightly as equities decline and U.S inventories climb

Oil’s two-day climb stalled after U.S. banks said credit markets haven’t recovered yet

Oil’s two-day climb stalled after U.S. banks said credit markets haven’t recovered yet

Crude oil fell in New York after a decline in the stock market and a gain in U.S. inventories renewed concern the global recession will sap demand for fuels. Oil’s two-day climb stalled after U.S. banks said credit markets haven’t recovered yet, pulling shares lower in late trading yesterday, while Japanese equities dropped today. U.S. oil stockpiles rose for a seventh week to the highest since September 1990, the Energy Department said yesterday. Crude Oil is trading at $48.90 as of 9:25am, London Time. Crude’s Pool-Position is 78% 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