Oil News

Crude Oil trades above $51 a barrel as consumer spending rises

Crude Oil trades above $51 a barrel as consumer spending rises

A surprise 4.7 million barrel decline in U.S. gasoline stocks ahead of the driving season

Oil rose to more than $51 a barrel on Thursday, extending the previous day’s gains, as traders focused on improving economic data and draining fuel stocks rather than the worsening swine flu virus. A surprise 4.7 million barrel decline in U.S. gasoline stocks ahead of the driving season and stock market gains aided oil’s 2 percent rise on Wednesday, although prices remained stuck in the $45-$55 range that has bound them for the past six weeks. Crude Oil is trading at $51.70 as of 9:27am, London. Crude Oil’s Pool-Position is 56% Long, meaning that just over half of Finitec traders are buying the Commodity.