Oil News

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

Crude Oil steady at $79 as investors await today’s inventories

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

Crude Oil rebounded to trade above $79 on Wednesday as it was aided by an industry report that showed a surprise drop in U.S. crude inventories, after sliding on renewed economic concerns. “Consumer confidence fell yesterday and that led to the high prices facing some pressure, but then the API showed some unexpected data,” said ANZ Bank commodities analyst Serene Lim, referring to the drop of 3.1 million barrel in U.S. crude inventories last week reported by the American Petroleum Institute on Tuesday. Crude oil is trading at $79.02 as of 8:15am, GMT, with a bearish trend. Crude’s Pool-Position is 32% Long, meaning that most Finotec clients are selling 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