Oil News

Oil rose more than 3 percent on Friday to touch a near six-month high as economic data showed fewer-than-expected jobs

Crude Oil steady at $58 a barrels as investor await on the economy

Oil rose more than 3 percent on Friday to touch a near six-month high as economic data showed fewer-than-expected jobs

Oil fell towards $58 a barrel on Monday, reversing some of the previous session’s near 3 percent gains, as investors took profit amid warnings that any global recovery will only be gradual. Oil rose more than 3 percent on Friday to touch a near six-month high as economic data showed fewer-than-expected jobs were lost in April and stress test results lifted some uncertainty over the health of major American banks. “Oil prices are driven by perceptions that the economic outlook is less pessimistic than previously thought. But the growth numbers we could be seeing from developed economies may not justify such price levels,” said David Moore, a commodities strategist at Commonwealth Bank of Australia. Crude Oil is trading at $57.50 as of 9:26am, London Time. Crude’s Pool-position 78% Long, meaning that most Finotec traders are buying the commodity.