Oil News

Crude oil is trading at $79.70 as of 21:50pm, GMT with a bearish trend. Crude’s pool-position is 29% Long, meaning that most Finotec clients are selling the precious metal.

Crude oil falls as U.S unemployment is expected to rise and demand disappears

Crude oil is trading at $79.70 as of 21:50pm, GMT with a bearish trend. Crude’s pool-position is 29% Long, meaning that most Finotec clients are selling the precious metal.

Crude oil fell on speculation that a government report tomorrow will show that the U.S. unemployment rate climbed last month, depressing demand for energy products. Oil dipped 1 percent on concern that the Labor Department will say the U.S. unemployment rate rose to a 26-year high in October. Prices climbed yesterday after the Energy Department said U.S. stockpiles of crude oil, gasoline and distillate fuel, a category that includes heating oil and diesel, fell last week. Crude oil for December delivery fell 78 cents to settle at $79.62 a barrel on the New York Mercantile Exchange. Futures have gained 79 percent this year. Crude oil is trading at $79.70 as of 21:50pm, GMT with a bearish trend. Crude’s pool-position is 29% Long, meaning that most Finotec clients are selling the precious metal.