Oil News

A rising death toll from a flu outbreak has also fanned fears of a pandemic potentially hurting the world economy

Crude Oil drags below $50 a barrel as equities fall

A rising death toll from a flu outbreak has also fanned fears of a pandemic potentially hurting the world economy

Oil prices fell below $49 on Tuesday, extending Monday’s losses as declines on global stock markets heightened expectations of a further drop in demand for oil products. A rising death toll from a flu outbreak has also fanned fears of a pandemic potentially hurting the world economy. Oil major BP reported a 62 percent fall in first-quarter net profit on Tuesday due to a collapse in oil and gas prices, but heavy cost cutting helped it beat analysts’ expectations. Crude Oil is trading at $48.80 as of 9:30am, London Time. Crude’s Pool-Position is 69% Long, meaning that most Finotec traders are buying the commodity.