Crude oil drops on weak PMI releases, increase in US output

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Source: Dukascopy Bank SA
Energy futures ended the week in the red territory on concerns over global demand prospects amid weak PMI reading in China and political turmoil in Italy. Also weighing on prices were worries that the Fed may halt its bond-buying plan earlier-than-planned.

Crude oil was the top-loser after the data showed on Thursday the US crude oil production surged above a 10-year high due to increased output at shale formations. Solid greenback also added pressure on the commodity.

Brent oil extended its losses as sanctions on Iranian oil exports may be eased. Sending Brent oil lower, output from OPEC rose for the first time in six months in February.

Natural gas declined as market players sold the commodity for profits after a sharp rally on colder-than-normal temperatures in the US and a larger-than-expected drop in the US inventories in the week ended February 24.

Heating oil traded lower as US inventories unexpectedly rose in the week ended February 24. The EIA announced distillate fuel stocks climbed 600,000 barrels, compared to a forecast of a 1.7-million-barrel decline.
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Mon, 04 Mar 2013 09:43:05 GMT

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