Oil News

Crude Oil is trading at $69.40 as of 9:25am, London Time. Crude’s Pool-Position is 97% Long, meaning that most Finotec are buying the commodity.

Crude Oil trading high and may reach $70 today on demand outlook

Crude Oil is trading at $69.40 as of 9:25am, London Time. Crude’s Pool-Position is 97% Long, meaning that most Finotec are buying the commodity.

Crude oil traded high in New York on expectations that fuel demand will rise amid signs the global economy is improving. “The oil price wouldn’t be where it is if people didn’t have a view that the international economic situation has improved somewhat,” said David Moore, a commodity strategist at Commonwealth Bank of Australia in Sydney.

“The API data showed a moderate fall in supplies and that’s helpful for prices.” U.S. crude-oil stockpiles probably dropped 1.5 million barrels in the week ended May 29 from 363.1 million the previous week, according to the median of 15 estimates by analysts before an Energy Department report tomorrow. Inventories are likely to have fallen as refiners increased operations to meet demand during the summer driving season. Crude Oil is trading at $69.40 as of 9:25am, London Time. Crude’s Pool-Position is 97% Long, meaning that most Finotec are buying the commodity.