Oil News

Crude Oil is trading at $80.00 as of 21:56PM, London Time. Crude’s Pool-Position is 12% Long, meaning that most Finotec clients are selling the commodity.

Crude Oil rises above $79 a barrel as stocks gain on good results

Crude Oil is trading at $80.00 as of 21:56PM, London Time. Crude’s Pool-Position is 12% Long, meaning that most Finotec clients are selling the commodity.

Crude oil rose to a one year high as advancing global equities bolstered confidence that an economic recovery will lift fuel consumption. Oil topped $79 a barrel, extending its longest winning streak in two years, as U.S. stocks increased, contributing to an advance in equities from Shanghai to London. The dollar weakened, boosting the appeal of commodities as an alternative investment. Oil futures posted their biggest weekly gain in almost two months last week. Prices have increased 24 percent in the past three months as a recovery in equity markets emboldened investors, and the sliding U.S. dollar prompted buying of commodities. Crude Oil is trading at $80.00 as of 21:56PM, London Time. Crude’s Pool-Position is 12% Long, meaning that most Finotec clients are selling the commodity.