Oil News

Crude oil climbs more than $2 as tropical storms head for the Gulf of Mexico

Crude oil climbs more than $2 as tropical storms head for the Gulf of Mexico

Crude oil’s Pool-Position is 92% Long, meaning that most Finotec clients are buying the commodity.

Crude oil rose as the greenback slipped on continuing low interest rate forecasts in the U.S, bolstering investor demand for the commodity while a Tropical Storm entered the Gulf of Mexico, forcing BP and Chevron to limit output. The tropical storm’s maximum sustained winds decreased to about 70 miles per hour, from 105 mph earlier today, the U.S National Hurricane center said in its latest advisory. The storm’s center was located about 115 miles south of the mouth of the Mississippi River. Chevron, the second-largest U.S. oil company, said it has shut some of its Gulf output and moved away some “non-essential personnel.” BP has started “some precautionary curtailment of production,” according to a recorded statement on its hotline. Crude oil is trading at $79.30 as of 21:43pm, GMT with a bullish trend. Crude oil’s Pool-Position is 92% Long, meaning that most Finotec clients are buying the commodity.

Derivative and forex trading broker Finotec is a division of leading real-time Internet trading company Finotec Trading Inc, which pioneered the world of online forex trading in 1998. After launching our revolutionary forex online trading platform in 2001, we continued to improve our services and now serve clients of all sizes in many locations worldwide, offering them real-time Internet trading not only in currencies, but also in options, commodities,... More