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.

Derivative and forex trading broker Finotec is a division of leading real-time Internet trading company Finotec Trading Inc, which pioneered the world of online forex trading in 1998. After launching our revolutionary forex online trading platform in 2001, we continued to improve our services and now serve clients of all sizes in many locations worldwide, offering them real-time Internet trading not only in currencies, but also in options, commodities,... More