Oil News

A series of positive economic indicators from the U.S. and India, together with a bullish survey of Chinese manufacturing lifted oil to $54.64

Crude Oil steadies at $54 a barrel as investors pause after the rally

A series of positive economic indicators from the U.S. and India, together with a bullish survey of Chinese manufacturing lifted oil to $54.64 

Oil edged down towards $54 a barrel on Tuesday as investors paused for breath after a four-day rally, when hopes of economic recovery sent the contract to its highest settlement for 2009 in the previous session. A series of positive economic indicators from the U.S. and India, together with a bullish survey of Chinese manufacturing lifted oil to $54.64 in post-settlement trading, two cents shy of its highest trade so far this year. Crude Oil is trading at $53.95 as of 9:30am, London Time. Crude’s Pool-Position is 49% Long, meaning that half of Finotec traders are buying and the other half are selling the commodity.