Oil News

Crude Oil trades below $77 a barrel as the dollar try’s to rebound

Crude Oil trades below $77 a barrel as the dollar try’s to rebound

Crude’s Pool-position is 81% Long, meaning that most Finotec clients are buying the precious metal.

U.S. crude oil dipped on Friday to below $77 a barrel, weighed down by gains in the dollar and a bigger-than-expected build in U.S. crude inventories. The bounce in the dollar fuelled profit-taking in commodities such as gold and oil, while a fall in Asian equities supported the dollar as a safe haven trade. A U.S. Energy Information Administration report that showed a rise of 1.8 million barrels in crude oil stocks last week saw oil dropping nearly 3 percent in the previous session, to settle at $76.94 a barrel. China’s annual GDP growth rate could reach 10 percent in the fourth quarter as the economic recovery exceeds expectations, with full-year economic growth at about 8.3 percent, said Fan Jianping, chief economist with the State Information Centre. Crude oil is trading at $77.50 as of 9:47am, GMT with a bullish trend. Crude’s Pool-position is 81% Long, meaning that most Finotec clients are buying the precious metal.

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