Oil News

Crude oil inventories in the world’s top consumer jumped by an unexpected 5.1 million barrels to 347.8 million barrels in the week to July 24

Crude Oil falls on a build-up in inventories and slow demand in China

Crude oil inventories in the world’s top consumer jumped by an unexpected 5.1 million barrels to 347.8 million barrels in the week to July 24

Oil eased towards $63 a barrel on Thursday, after sliding the day before on data showing a jump in U.S. crude stocks, while the market kept an eye on measures by China to manage credit growth. Adding to uncertainties in the oil market was news the U.S. Commodities Futures Trading Commission (CFTC) was considering implementing position limits for some commodity futures in the face of the wide price swings that have raised worries over speculation. Crude oil inventories in the world’s top consumer jumped by an unexpected 5.1 million barrels to 347.8 million barrels in the week to July 24, data from the Energy Information Administration (EIA) showed, as imports hit a six-month high and refiners cut processing rates. Crude Oil is trading at $63.30 as of 9:36am, London Time. Crude’s Pool-Position is 71% Long, meaning that most Finotec clients are buying the Commodity.

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