Oil News

Additional support for crude prices came as the dollar fell to the lowest level against the euro since March

Crude Oil gains as the dollar drops and stockpiles decline

Additional support for crude prices came as the dollar fell to the lowest level against the euro since March

Oil rose for a second day after an industry group reported U.S. crude stockpiles dropped for the second week in a row and the dollar declined. Oil supplies fell 3.13 million barrels to 370.7 million last week, the American Petroleum Institute said late yesterday. Additional support for crude prices came as the dollar fell to the lowest level against the euro since March, bolstering demand for commodities as an alternative investment. The U.S. Energy Department report on inventories is expected to show a 1 million barrels gain, according to an analysts’ survey. Crude Oil is trading at $60.35 as of 9:30am, London Time. Crude’s Pool-position is 86% Long, meaning that Most Finotec client are buying the commodity.