Oil News

Crude Oil rises as the dollar plummets on low Fed’s interest rate

Crude Oil rises as the dollar plummets on low Fed’s interest rate

Crude’s Pool-Position is 80% Long, meaning that most Finotec clients are buying the commodity

Crude oil rose the most in six weeks as the dollar weakened and the S&P strengthened, bolstering confidence that the global economy and energy demand are recovering. “The dollar is weaker and stocks are up, both of which are helping send prices higher,” said Ric Navy, a broker at BNP Paribas SA in New York. “The funds are still coming in, and that should push the market higher.” Oil gained 3.3 percent as the U.S. currency’s drop encouraged the purchase of alternative investments. Stocks climbed after U.S. retail sales increased more than forecast and Asian government leaders pledged to maintain economic stimulus spending. Crude oil is trading at 78.90 as of 21:43pm, GMT with a bullish trend. Crude’s Pool-Position is 80% 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