Oil News

Oil trading at $71 a barrel and maybe on the way up as demand grows

Oil trading at $71 a barrel and maybe on the way up as demand grows

Crude Oil is trading at $71.00 as of 9:20am, London Time. Crude’s Pool-Position is 45% Long, meaning that most Finotec clients are Selling the commodity.

Oil rose toward $71 a barrel on Thursday as a surprising return to economic growth in France and Germany fed optimism the world was through the worst of the recession, offsetting bearish U.S. inventory data. Gross domestic product (GDP) in the euro zone’s two biggest economies rose by 0.3 percent each in the second quarter against expectations for a decline of 0.3 percent. The unexpected bullish news fueled sentiment that the worst was over after the U.S. Federal Reserve said on Wednesday the U.S. economy was showing signs of leveling out two years after the onset of the deepest financial crisis in decades. Crude Oil is trading at $71.00 as of 9:20am, London Time. Crude’s Pool-Position is 45% Long, meaning that most Finotec clients are Selling the commodity.