Crude oil dipped as ECB cuts growth forecast

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Source: Dukascopy Bank SA
Energy futures were bearish on Thursday after the ECB President Mario Draghi cut the Eurozone's growth forecast for this year. Stronger US Dollar and uncertainty over whether the US lawmakers will manage to avert fiscal cliff also weighed on the commodity group. At the same time, larger-than-expected decline in the US stockpiles last week restricted the downward trend.

Crude oil dived, approaching one-week low on global demand concerns after the cut of the Eurozone's outlook. However, the downswing was limited by upbeat job market data from the US and a recent fall in the US inventories.

Brent oil dipped on worries that global consumption may decline amid deteriorating economic outlook on the single currency union.

Natural gas sagged despite bigger-than-expected drop in the US inventories last week. The EIA reported natural gas stockpiles declined 73 billion cubic feet compared to forecast of a 64-billion-cubic-feet fall.

Heating oil followed crude and Brent oil's suit, retreating 1.59% on global demand uncertainty and solid greenback.


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