Brent oil leads gains on escalated tensions in Africa

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Source: Dukascopy Bank SA
Energy futures apart from natural gas advanced on Tuesday ahead of the closely-watched EIA supply report due on Wednesday. Meanwhile, optimism over global stimulus after the BoJ launched a massive easing program and China's inflation slowed more than expected boosted energy demand potential.

Crude oil advanced after inflation data from China. However, gains were limited as market players were cautious ahead of the EIA report due on Wednesday. Crude oil inventories are expected to have climbed 1.6 million barrels last week compared to a 2.7-million-barrel increase in the preceding week.

Brent oil was the top-gainer amid escalated tensions in Africa. On Monday, the rebel group in Nigeria reported it had killed 15 security employees in Bayelsa state. Meanwhile, Iran and the U.S., U.K., France, China, Russia and Germany failed to agree on Iranian nuclear program during negotiations in Almaty that ended April 6.

Natural gas was the only loser on profit taking. However, the commodity may seek support on forecasts of below-normal temperatures in the U.S.

Heating oil inched up on concerns over falling inventory levels in the U.S. amid abnormally cold temperatures in the US.
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