Oil News

Crude’s pool-position is 91% Long, meaning that most Finotec clients are buying the commodity.

Crude Oil rises as U.S inventories decline dramatically

Crude’s pool-position is 91% Long, meaning that most Finotec clients are buying the commodity.

Crude oil rose after a government announced that U.S. inventories unexpectedly dropped as imports declined. “The inventory report today was definitely supportive,” said Tom Bentz, a senior energy analyst at BNP Paribas Commodity Futures Inc. in New York. “Prices were already up because of the weak dollar and rising stocks. These numbers just added to the upward momentum.” The Federal Reserve expressed growing confidence that a U.S. economic recovery was building, even though it stuck to its commitment to keep borrowing costs near zero for “an extended period.” Crude Oil is trading at $80.20 as of 21:18pm, GMT. Crude’s pool-position is 91% Long, meaning that most Finotec clients are buying the commodity.