Oil News

Oil gave back its earlier gains after a report on May 13 showed a weaker-than-expected drop in U.S. retail sales

Crude Oil little changed as traders await consumer demand

Oil gave back its earlier gains after a report on May 13 showed a weaker-than-expected drop in U.S. retail sales

Crude oil was little changed after retreating from a six-month high of $60 a barrel this week on concern the global economic recovery may falter. Oil gave back its earlier gains after a report on May 13 showed a weaker-than-expected drop in U.S. retail sales, raising concern that the recession may be prolonged. Total U.S. daily fuel demand averaged 18.2 million barrels in the four weeks ended May 8, down 7.9 percent from a year earlier, the Energy Department report showed. Crude is trading at $58.85 as of 9:30am, London Time. Crude’s Pool-Position 72% Long, meaning that most Finotec clients are buying the commodity.