Brent oil dived on US concerns, EIA report anticipation

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Source: Dukascopy Bank SA
© Scanpix/Reuters
Energy futures apart from natural gas erased previous gains on Tuesday as investors turned to demand concerns after Moody's downgraded France's debt rating from Aaa to Aa1. However, on-going violence in the Middle East restricted the downswing. Meanwhile, market players anticipate closely-watched EIA report due on Wednesday.

Crude oil fell on global demand concerns and solid greenback. At the same time, preliminary supply data released by American Petroleum Institute suggested that US crude oil stocks unexpectedly fell by 1.9 million barrels.

Brent oil sagged 1.67% despite worries over potential supply disruption in the Middle East.

Natural gas surged ahead of the EIA inventory report due on Wednesday. Meanwhile, market participants continued to monitor US weather forecasts to gauge heating demand.

Heating oil fell 1.17% despite the fact that preliminary data indicated that US heating fuel stocks dipped 4.4 million barrels, three times more than projection.


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