Oil News

Crude Oil is trading at $71.42 as of 22:10PM, London Time. Crude’s Pool-position is 82% Long, meaning that most Finotec clients are buying the commodity.

Crude Oil rises above $71 as the Dollar weakens and demand spurs

Crude Oil is trading at $71.42 as of 22:10PM, London Time. Crude’s Pool-position is 82% Long, meaning that most Finotec clients are buying the commodity.

Oil prices rose to settle above $71 a barrel on Thursday, supported by better-than-expected economic data and a weaker U.S. dollar. U.S. unemployment claims, which dropped to a nine-month low last week, bolstered confidence that the labor market was stabilizing. The dollar fell broadly against a basket of currencies as firmer equity markets fueled demand for riskier assets at the expense of the U.S. currency. A weaker greenback supports oil because dollar-priced commodities become cheaper for buyers using other currencies. Crude Oil is trading at $71.42 as of 22:10PM, London Time. Crude’s Pool-position is 82% Long, meaning that most Finotec clients are buying the commodity.