Crude Oil rises as U.S consumer spending increases boosting prices

Crude Oil rises as U.S consumer spending increases boosting prices

Crude’s Pool-position is 85% Long, meaning that most Finotec clients are buying the commodity.

Oil prices rose above $79 a barrel on Monday as a weaker dollar and better-than-expected U.S. consumer spending data boosted prices. The U.S. dollar slipped against a basket of currencies after the United States and China failed to reach an agreement on currencies at an Asia Pacific summit ahead of U.S. President Barack Obama's visit to China.

Washington has said an undervalued yuan is contributing to trade imbalances between the United States and China. A weaker dollar typically supports commodities because dollar priced contracts become cheaper for buyers using other currencies. Energy markets have been looking to wider economic data for signs of a rebound that could boost fuel demand, which has been hard hit by the recession. Crude Oil is trading at 79.10 as of 21:18pm, GMT, with a bullish trend. Crude’s Pool-position is 85% Long, meaning that most Finotec clients are buying the commodity.