Oil News

The U.S. government’s advance report on second quarter gross domestic product will be released at 1230 GMT. A Reuters poll gave a median forecast of a 1.5 percent contraction.

Crude Oil rises above $67 a barrel as investors see an economic pick-up

The U.S. government’s advance report on second quarter gross domestic product will be released at 1230 GMT. A Reuters poll gave a median forecast of a 1.5 percent contraction.

On Thursday, crude oil jumped more than 5 percent, to register its biggest oneday gain since early April, as U.S. data showed the number of workers staying on jobless rolls fell to the lowest in three months last week. The jobs data eclipsed figures on Wednesday that showed a large increase in U.S. crude oil inventories and slow domestic oil demand. The U.S. government’s advance report on second quarter gross domestic product will be released at 1230 GMT. A Reuters poll gave a median forecast of a 1.5 percent contraction. Crude Oil is trading at $66.60 as of 11:18am, London Time. Crude’s Pool-Position is 79% Long, meaning that most Finotec clients are buying the commodity.