Oil News

Crude oil falls on weak U.S housing data and higher stock piles

Oil fell nearly 1 percent toward $80 a barrel on Thursday as the greenback strengthened and some weak economic data soured sentiment. The euro fell versus the dollar on Thursday as comments by the European Central Bank reinforced the view interest rates in the region will remain low in the foreseeable future. “The market was not responding well to the positive economic reports. Now home sales data is weighing. Once again the market is in $80/$81 range and can’t sustain a rally,” said Tom Bentz, broker at BNP Paribas Commodity Futures Inc in New York. Crude oil is trading at $80.47 as of 21:39pm, GMT, with a bearish trend. Crude Pool-Position is 21% Long, meaning that most Finotec clients are selling the commodity.