Oil News

Crude Oil is trading at $77.50 as of 8:45am, GMT. Crude’s Pool-Position is 66% Long, meaning that most Finotec clients are buying the commodity.

Crude Oil trading near $77 as investor await a direction on the dollar

Crude Oil is trading at $77.50 as of 8:45am, GMT. Crude’s Pool-Position is 66% Long, meaning that most Finotec clients are buying the commodity.

Oil rose above $77 a barrel on Monday, retracing some of the previous session’s 3.6 percent drop, as bullish manufacturing data from China helped to allay fears about the pace of the rebound in global energy demand. However, analysts said nagging concerns about the economic outlook would limit oil’s gains. HSBC’s China Purchasing Managers’ Index (PMI) rose for the seventh straight month in October, to an 18-month high of 55.4, pointing to sustained strength in the country’s vast manufacturing sector. While the U.S. economy has been kick-started into growth, stock investors still face an uncertain outlook as Wall Street gears up for comments from the Federal Reserve and a key report on employment this week. Crude Oil is trading at $77.50 as of 8:45am, GMT. Crude’s Pool-Position is 66% Long, meaning that most Finotec clients are buying the commodity.