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Feb 13, 2012 05:44AM GMT
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Crude oil falls to $71 as the dollar gains strength and demand falls
By Finotec | Fundamental Analysis | Feb 08, 2010 12:50PM GMT
Crude oil is trading at 471.30 as of 8:14am, GMT, with a bullish trend
Oil prices hovered near a seven-week low of about $71 a barrel on Monday as fears about an escalating euro zone debt crisis continued to cast a pall on the market. However, a cold snap in the U.S. mid-Atlantic region, an area heavily dependent on home heating oil and natural gas supplies, and escalating tensions between Iran and western nations continued to support prices. "The cold weather in the United States is offering some support, although people may be less hopeful about a weather-related fuel demand spike after having seen bearish U.S. crude inventory reports the past few weeks," said Ben Westmore, a commodities analyst at the National Australia Bank. Crude oil is trading at 471.30 as of 8:14am, GMT, with a bullish trend. Crude’s Pool-Position is 83% Long, meaning that most Finotec clients are buying the commodity.
Oil prices hovered near a seven-week low of about $71 a barrel on Monday as fears about an escalating euro zone debt crisis continued to cast a pall on the market. However, a cold snap in the U.S. mid-Atlantic region, an area heavily dependent on home heating oil and natural gas supplies, and escalating tensions between Iran and western nations continued to support prices. "The cold weather in the United States is offering some support, although people may be less hopeful about a weather-related fuel demand spike after having seen bearish U.S. crude inventory reports the past few weeks," said Ben Westmore, a commodities analyst at the National Australia Bank. Crude oil is trading at 471.30 as of 8:14am, GMT, with a bullish trend. Crude’s Pool-Position is 83% Long, meaning that most Finotec clients are buying the commodity.
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| SPX 500 Futures | 1347.45 | +6.95 | +0.52% | |||
| NQ 100 Futures | 2561.20 | +12.70 | +0.50% | |||
| US 30 | 12801.23 | -89.23 | -0.69% | |||
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| US Dollar Index | 78.87 | -0.24 | -0.30% |
CFDs Quotes
| Gold | 1730.55 | +5.25 | +0.30% | |||
| Silver | 33.815 | +0.211 | +0.63% | |||
| Copper | 3.903 | +0.041 | +1.07% | |||
| Crude Oil | 99.95 | +0.92 | +0.93% | |||
| Natural Gas | 2.433 | -0.043 | -1.76% | |||
| US Cotton No.2 | 91.67 | +0.65 | +0.71% | |||
| US Coffee C | 218.60 | +0.00 | +0.00% |
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| Euro Bund | 138.66 | +1.41 | +1.03% | |||
| Italian Govt. B. | 102.45 | -1.63 | -1.57% | |||
| Euro BOBL | 125.23 | +0.71 | +0.57% | |||
| UK Gilt | 115.78 | +1.13 | +0.99% | |||
| US 2 YR T-Note | 110.27 | +0.01 | +0.01% | |||
| US 10 YR T-Note | 131.10 | -0.11 | -0.08% | |||
| US 30 YR T-Bond | 142.24 | -0.19 | -0.13% |
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