Oil News

Crude Oil gains as equity markets rise and investor confidence returns

Crude Oil gains as equity markets rise and investor confidence returns

Oil also got a boost on speculation inventories fell last week

Crude oil rose in New York as gains in the stock market increased optimism that the global economy is recovering. Oil also got a boost on speculation inventories fell last week, while Sunoco Inc. said a refinery fire forced the shutdown of the plant’s main gasoline unit. The rally in oil followed gains in stocks. Gasoline stockpiles fell 1.5 million barrels from 208.3 million the prior week, according to a survey. Supplies of distillate fuel, a category that includes heating oil and diesel, increased 950,000 barrels from 147.5 million. Crude Oil’s Pool-Position is 82% Long, meaning that most Finotec clients are buying the commodity.