Brent oil edged up on supply concerns

Note: This section contains information in English only.
Source: Dukascopy Bank SA

Energy commodities were mixed, with heating and Brent oil rising and natural gas and crude oil falling. Pushing the commodity group lower, China's PMI dropped to nine-month low in August. At the same time, speculation that the Fed will ease its monetary policy supported energy prices.

Crude oil was the top-loser on global growth concerns after China released dismal PMI data. However, slight improvement in US and Eurozone's manufacturing activity restricted losses of the commodity.

Brent oil managed to rise slightly amid an upcoming maintenance-related output drop in North Sea and escalated tensions the Middle East.

Natural gas tumbled after US supply report showing larger-than-expected increase in natural gas inventories. Meanwhile, market players continued to monitor weather forecasts in the Gulf of Mexico.

Heating oil was the top-gainer amid low inventories in the US and supply concerns from the Middle East and North Sea.

 

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