Oil News

Crude Oil is trading at $68.87 as of 9:38am, London. Crude’s Pool-Position is trading at 61% Long, meaning that most Finotec traders are buying the Commodity

Oil may rise in the coming weeks as demand is forecast to grow

Crude Oil is trading at $68.87 as of 9:38am, London. Crude’s Pool-Position is trading at 61% Long, meaning that most Finotec traders are buying the Commodity

Crude oil demand has begun to recover, as stockpiles are drawn down, but distillate inventories remain bloated, with traders banking on cheap freight to store excess supplies on vessels, top energy executives said on Monday. Analysts said the general rule has been that 50 days of forward cover is very bullish for oil prices, 53 days is bullish, 57 days bearish and 60 days very bearish. “This is probably a turning point (in the demand recovery) or we are very close to it,” IEA’s head Nobuo Tanaka told Reuters at the sidelines of the Asia Oil & Gas Conference. But the recent doubling of U.S. crude to above $68 a barrel on Monday from the low $30s in mid-December has set off alarm bells, although current prices are still way off the record above $147 last July. Crude Oil is trading at $68.87 as of 9:38am, London. Crude’s Pool-Position is trading at 61% Long, meaning that most Finotec traders are buying the Commodity.