Oil News

Crude oil rises as extreme winter weather leads to an increase fuel usage

Crude oil rises as extreme winter weather leads to an increase fuel usage

Crude’s pool-position is 32% Long, meaning that most Finotec clients are selling the commodity

Crude oil rose on speculation that cold weather in the northern U.S. bolstered fuel demand and reduced stockpiles. U.S. supplies of crude oil, gasoline and distillate fuel in the week ended Dec. 25 were above the five-year average for the period, according to the Energy Department. Total U.S. daily fuel demand averaged 19.1 million barrels in the four weeks ended Dec. 25, down 0.2 percent from a year earlier, the department said on Dec. 30. An Energy Department report tomorrow is forecast to report that stockpiles of distillate fuel dropped 1.85 million barrels last week, based on the median estimate of 16 analysts surveyed by Bloomberg. Crude oil is trading at 81.90 as of 20:50pm, GMT, with a bearish trend. Crude’s pool-position is 32% Long, meaning that most Finotec clients are selling the commodity.