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Fundamental
Crude Oil declines as unemployment rises and demand falls
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Crude also declined as equities dropped and the dollar climbed against the euro
Crude oil declined on concern a rise in unemployment in the U.S to the highest in t 26 years will reduce fuel demand in the world’s largest energy user. Oil fell more than $2 a barrel yesterday after the Labor Department said employers cut 467,000 jobs in June. Crude also declined as equities dropped and the dollar climbed against the euro, limiting futures purchases as an alternative investment. OPEC-member Ecuador's finance minister said on Thursday that oil should average around $70 a barrel in the rest of 2009 and through 2010. Crude Oil is trading at $66.50 as of 9:44am, London Time. Crude’s Pool-position is 97% Long, meaning that most Finotec clients are buying the commodity. Next Analysis:
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