Oil News

Crude Oil falls after investor eye world demand

Crude Oil falls after investor eye world demand

Crude’s Pool-position is 87% Long, meaning that most Finotec clients are buying the commodity.

Oil prices fell toward $69 a barrel on Wednesday after U.S. data showed fuel stocks surged last week in the world’s biggest energy consumer, signaling a recovery in oil demand could take more time. The Energy Information Administration reported gasoline stocks leapt 2.9 million barrels last week, nearly three times the build that analysts had expected. U.S. fuel stocks remain far above five year averages, with gasoline 7 percent above average levels and distillates 30 percent above the norm, government data show. Crude’s Pool-position is 87% Long, meaning that most Finotec clients are buying the commodity.