Oil News

Crude Oil is trading at $78.65as of 20:48PM, London Time. Crude’s Pool-Position is 82% Long, meaning that most Finotec clients are buying the commodity.

Crude Oil falls as the greenback bounces back making investors rethink

Crude Oil is trading at $78.65as of 20:48PM, London Time. Crude’s Pool-Position is 82% Long, meaning that most Finotec clients are buying the commodity.

Oil fell more than 2 percent to below $79 a barrel on Monday on concerns that a sluggish economic recovery will keep fuel demand low. Investors scaled back their commodities holdings following a recent rally for raw goods. Equities fell and the U.S. dollar firmed against other currencies. A stronger dollar makes oil costly for holders of other currencies. The dollar rallied 0.8 percent against a basket of foreign currencies as investors moved into more safe-haven assets like U.S. Treasury bonds, and away from commodities. Speculation that a tax credit for first-time U.S. homebuyers will not be extended helped to lift the dollar. ISI Group said in a research note that the credit may be phased out. Crude Oil is trading at $78.65as of 20:48PM, London Time. Crude’s Pool-Position is 82% Long, meaning that most Finotec clients are buying the commodity.