Oil News

Crude Oil is trading at $71.50 as of 8:23am, London Time. Crude’s Pool-Position is 72% Long, meaning that most Finotec clients are buying the commodity.

Oil steadies below $72 as traders await the inventories

Crude Oil is trading at $71.50 as of 8:23am, London Time. Crude’s Pool-Position is 72% Long, meaning that most Finotec clients are buying the commodity.

Oil steadied at below $72 a barrel on Wednesday, after rising more than 2 percent in the previous session, as a bearish industry report showing a surprise build in U.S. crude oil stockpiles was offset by further weakness in the dollar. The API report, seen as a precursor to more authoritative data from the U.S. Energy Information Administration due later on Wednesday, showed crude stocks rose 276,000 barrels in the week to Sept. 18, against a Reuters poll forecast for a drawdown of 1.5 million barrels. Crude Oil is trading at $71.50 as of 8:23am, London Time. Crude’s Pool-Position is 72% Long, meaning that most Finotec clients are buying the commodity.