Oil News

Expectations for rising oil demand as summer approaches were also fuelled by financial optimism

Oil gains above $56 after low inventories from the U.S

Expectations for rising oil demand as summer approaches were also fuelled by financial optimism

Oil extended gains towards $57 a barrel on Thursday, after settling at a five-month high in the previous session when a falling number of U.S. job losses and U.S. inventory data brightened hopes for an economic revival. Expectations for rising oil demand as summer approaches were also fuelled by financial optimism as leaked bank stress test results suggested most banks were healthier than earlier thought. Crude Oil is trading at $57.65 as of 9:30am, London Time. Crude’s Pool-Position is 75% Long, meaning that most Finotec traders are buying the commodity.