Oil News

Oil’s rally is driven by improving sentiment about the global economy and isn’t supported by demand

Crude Oil rises as China demands more and the Dollar weakens

Oil’s rally is driven by improving sentiment about the global economy and isn’t supported by demand

Crude oil rose as China’s manufacturing expanded for a third month and the nation raised fuel prices. China is raising prices for the second time this year, allowing the nation’s refiners to pass on climbing crude oil costs.

China Petroleum & Chemical Corp., the nation’s biggest refiner, said on May 22 it will lose money turning oil into fuels should crude trade above $60 a barrel and the government prevent it from increasing prices. Saudi Arabian Oil Minister Ali al-Naimi said last week that the Organization of Petroleum Exporting Countries opted not to alter its output targets because “prices are good, the market is in good shape.” Oil’s rally is driven by improving sentiment about the global economy and isn’t supported by demand, OPEC Secretary General Abdalla el-Badri said May 30. Crude is trading at $68.85 as of 9:28am, London Time. Crude’s Pool-Position is 97% Long, meaning that most Finotec Traders are buying the commodity.

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