Oil News

Crude Oil falls as U.S inventories are predicted higher than expected despite the Crude is trading at $72.29 as of 7:51am, GMT with a bullish trend

Crude Oil falls as U.S inventories are predicted higher than expected despite the Crude is trading at $72.29 as of 7:51am, GMT with a bullish trend

Oil fell below $72 a barrel on Tuesday, after rising nearly 1 percentthe day before, weighed down by nagging worries over an uncertaindemand outlook and the fiscal health of some euro zone countries. Oilprices have lost nearly 10 percent this year, dragged down by datashowing bulging fuel stockpiles in the U.S. despite cold weather.Concerns about slower Asian demand if China further tightens itsmonetary policy, and more recently, jitters over Europe’s financialstability. “There is some unwinding of price increases overnight. Thecontinual flight to quality is underpinning the strength of the U.S.dollar, which is in turn weighing on oil prices and commodities ingeneral,” said Ben Westmore, commodities analyst with the NationalAustralia Bank in Melbourne. Crude is trading at $72.29 as of 7:51am,GMT with a bullish trend. Crude