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.