Crude and Brent oil moved lower in Wednesday despite supply concerns

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Source: Dukascopy Bank
Energy markets inched down on Wednesday on the appreciating US Dollar and signs of stagnating China's economy. China's PM reported on Wednesday that the country will stick to its prudent property policies and will target more modest growth. Moreover, higher than expected US crude oil inventories added to losses of the crude oil. However, escalated supply concerns after OPEC cut its estimate for oil output for non-OPEC members lent some support to the commodity group. Meanwhile, natural gas futures dropped on the mild weather in the US. Traders await US natural gas storage report due later today.


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