Oil News

Crude Oil is trading at $80.10 as of 21:40PM, GMT with a bullish trend. Crude’s Pool-position is 57% Long, meaning that just over half of Finotec clients are buying the commodity.

Crude oil tops $80 a barrel as U.S GDP figures spurs demand

Crude Oil is trading at $80.10 as of 21:40PM, GMT with a bullish trend. Crude’s Pool-position is 57% Long, meaning that just over half of Finotec clients are buying the commodity.

U.S. crude oil rose above $80 on today as data showing the U.S. economy grew 3.5% in the third quarter for the first time in a year which in-turn raised fresh hopes for higher oil demand. In another sign that demand in the world’s largest fuel consumer could rise, the number of U.S. workers filing new claims for jobless benefits dipped by 1,000 last week. “Oil futures are up sharply on the GDP data, on optimism that economic conditions will improve and raise demand for petroleum products,” said Andy Lebow, broker at MF Global in New York. Crude Oil is trading at $80.10 as of 21:40PM, GMT with a bullish trend. Crude’s Pool-position is 57% Long, meaning that just over half of Finotec clients are buying the commodity.