Oil News

Crude oil is trading below $80 as U.S inventories come out higher than expected

Crude oil is trading below $80 as U.S inventories come out higher than expected

Crude is trading at $79.47 as of 8:09am, GMT, with a bearish trend

Oil edged down below $80 on Thursday, after surging a day earlier, as the dollar recovered and the euro slid, while the surprise rise in U.S. crude stocks offset the fall on gasoline ahead of the driving season. The euro fell to a one-year low against the yen and was down versus the dollar on nagging fears over Greece’s fiscal woes, while the dollar’s trade-weighted index recovered. This countered the dollar’s weakness versus the yen and the commodities-linked Australian dollar after Federal Reserve chief Ben Bernanke said on Wednesday interest rates will stay low in view of a weak job market and low inflation. Crude is trading at $79.47 as of 8:09am, GMT, with a bearish trend. Crude’s Pool-Position is 31% Long, meaning that most Finotec clients are selling the commodity.