Brent oil declined despite supply uncertainties

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Source: Dukascopy Bank SA
Energy commodities declined on Friday on rallying greenback and persistent demand concerns. US economic data continued to disappoint, with US non-farm payrolls growing less than expected in June and services sector's weakening.

Crude oil futures decreased on sentiment that US economy is stagnating thus pressurizing energy demand of the world's largest economy.

Brent oil followed bearish trend on demand worries. However, supply uncertainties amid oil workers' strikes in Norway and threats from Iran limited losses of the commodity.

Natural gas came under heavy pressure as expectations for moderate temperatures in the US after heat wave are likely to weight on the natural gas demand for air-conditioning.

Heating oil moved in tandem with Brent and crude oil, sliding 2.11%. Disappointing news from the US added to the negative mood of the commodity.


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