Oil News

Oil extends gains as it follows gold and looks to the inventories tomorrow

Oil extends gains as it follows gold and looks to the inventories tomorrow

Crude’s pool-Position is 79% Long, meaning that most Finotec clients are buying the commodity.

Crude oil rose further above $78 a barrel on Tuesday as traders weighed the impact of a possible rise in U.S. crude stocks against positive manufacturing and home sales data. The continued strength of commodities had an effect on currencies such as the Australian dollar and with the weak U.S. dollar also sending gold to its highest in almost two weeks. The U.S. government Energy Information Administration will issue its data on Wednesday which will show as to whether demand has risen following the hike in the U.S GDP figures or if consumers are still lacking in confidence. Crude Oil is trading at $79.50 as of 21:07pm, GMT with a bullish trend. Crude’s pool-Position is 79% Long, meaning that most Finotec clients are buying the commodity.