Oil News

Crude oil continues to rally despite ample supply

Crude oil continues to rally despite ample supply

Oil has rallied over the past week but the physical crude markets in Asia and Europe are telling a more bearish story about oversupply and sluggish demand. The contrast between the oil price, which topped $83 a barrel on Wednesday, and signs of weak physical markets might preoccupy OPEC when it meets on March 17 and raise the issue of whether markets have too much oil. “OPEC members are very bullish but they are all focusing on the one market in the world where there is growth. How much more crude can Asia absorb?,” said a trader at an oil company. Crude oil is trading at $82.25 as of 21:15pm, GMT, with a bearish trend. Crude’s Pool-position is 32% Long, meaning that most Finotec clients are selling the commodity.