Oil News

Crude Oil is trading at $70.35 as of 21:55PM, London Time. Crude’s Pool-Position is 74% Long, meaning that most Finotec clients are buying the commodity.

Crude Oil rises as the service sector makes gains

Crude Oil is trading at $70.35 as of 21:55PM, London Time. Crude’s Pool-Position is 74% Long, meaning that most Finotec clients are buying the commodity.

Oil prices rose on Monday as data showing the U.S. services sector expanded raised hopes of an economic recovery and lifted markets. Data showed activity in the U.S. service sector expanded in September for the first time since August 2008, growing at a faster rate than expected, while employment in the sector also improved. Traders have been looking to macroeconomic data and equities markets for signs of a potential end of the recession that could boost consumption and draw down high oil inventories. Crude Oil is trading at $70.35 as of 21:55PM, London Time. Crude’s Pool-Position is 74% Long, meaning that most Finotec clients are buying the commodity.