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Analysis -
Commodity Market Commentaries
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Written by Finotec |
Tue Feb 09 10 04:29 ET
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Oil fell below $72 a barrel on Tuesday, after rising nearly 1 percent the day before, weighed down by nagging worries over an uncertain demand outlook and the fiscal health of some euro zone countries. Oil prices have lost nearly 10 percent this year, dragged down by data showing bulging fuel stockpiles in the U.S. despite cold weather. Concerns about slower Asian demand if China further tightens its monetary policy, and more recently, jitters over Europe's financial stability. 'There is some unwinding of price increases overnight. The continual flight to quality is underpinning the strength of the U.S. dollar, which is in turn weighing on oil prices and commodities in general,' said Ben Westmore, commodities analyst with the National Australia Bank in Melbourne. Crude is trading at $72.29 as of 7:51am, GMT with a bullish trend. Crude's Pool-Position is 83% Long, meaning that most Finotec clients are buying the commodity.
Finotec Group Inc.
http://www.finotec.com/
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