Oil News

Crude Oil falls as traders take profits at the end of the week

Crude Oil falls as traders take profits at the end of the week

Stockpiles of Crude Oil in the U.S. dropped 4.73 million barrels to 332.8 million last week, the Energy Department said Sept. 16

Crude oil pared its weekly gains as investors sold contracts to lock in profit after prices climbed above $73 a barrel this week on speculation demand will rise. “Housing starts were slightly positive, building permits a little more so, and initial jobless claims were down,” said David Moore, a commodity strategist at Commonwealth Bank of Australia Ltd. in Sydney. “What we’ve had recently is a lot of relatively good U.S. economic data.” Stockpiles of Crude Oil in the U.S. dropped 4.73 million barrels to 332.8 million last week, the Energy Department said Sept. 16. Those inventories are still “above the upper boundary of the average range for this time of year,” its report showed. Crude Oil is trading at $72.05 as of 9:33am, London Time.

Derivative and forex trading broker Finotec is a division of leading real-time Internet trading company Finotec Trading Inc, which pioneered the world of online forex trading in 1998. After launching our revolutionary forex online trading platform in 2001, we continued to improve our services and now serve clients of all sizes in many locations worldwide, offering them real-time Internet trading not only in currencies, but also in options, commodities,... More