Oil News

Crude Oil hovers around $80 per barrel as China continues growth

Crude Oil hovers around $80 per barrel as China continues growth

Crude’s Pool-Position is 84% Long, meaning that most Finotec clients are buying the commodity.

China’s crude imports and refinery throughput came in just below historical peaks in October, showing that oil demand continues a gradual revival from a sharp slowdown in late 2008 and early this year. With the world’s third-largest economy showing more signs of a solid recovery, commentators are expecting strong oil demand growth to continue. Refinery crude throughput rose 10.4 percent from a year earlier to 33.29 million tons (7.84 million bpd), data from the National Statistics Bureau showed on Wednesday. Crude Oil is trading at $79.17 as of 21:30pm, GMT with a bullish trend. Crude’s Pool-Position is 84% Long, meaning that most Finotec clients are buying the commodity.