Energy commodities except for heating oil dropped on Monday amid concerns that global banks may refrain from easing measures. Adding to the negative mood of the commodity group, concerns that tropical storm Isaac will damage oil production started to ease.
Crude oil sank on speculation that storm Isaac will damage oil production in the Gulf of Mexico less than initially expected.
Brent oil plunged on worries that the ECB and Fed will not implement stimulus measures. Easing supply concerns from the Gulf of Mexico also weighed on the commodity.
Natural gas was the top-loser on strong US Dollar and buildup in US inventories. Broadly stronger greenback also created pressure on the natural gas futures.
Heating oil managed to end the session with slight gain as potential supply disruptions from the Gulf of Mexico supported the commodity.