Oil News

Crude Oil is trading at $70.72 as of 9:35am, London Time. Crude’s Pool-Position is 51% Long, meaning that most Finotec clients are buying the commodity.

Crude Oil trading above the $70 a barrel as the greenback declines

Crude Oil is trading at $70.72 as of 9:35am, London Time. Crude’s Pool-Position is 51% Long, meaning that most Finotec clients are buying the commodity.

Oil traded little changed near $71 a barrel before a weekly U.S. government report that may show a drop in the country’s crude stockpiles. Oil pared losses as gains in Asian equities bolstered speculation a global economic recovery may lead to a rebound in fuel demand. Federal Reserve Chairman Ben S Bernanke said yesterday that the recession has probably ended. The Organization of Petroleum Exporting Countries raised its global oil demand forecasts for this year and 2010 on expectations the world economy will return to growth. Crude Oil is trading at $70.72 as of 9:35am, London Time. Crude’s Pool-Position is 51% Long, meaning that most Finotec clients are buying the commodity.