Heating oil rose over the week on better demand hopes

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Source: Dukascopy Bank SA
Energy commodities soared over the week on easing hopes all over the world and global supply concerns. On Wednesday, US markets were closed for holiday.

Crude oil gained 9.3% over the week as oil workers' strikes in Norway and rising Iranian tensions created supply risk premium for the commodity.

Brent oil was bearish in the last five sessions on likelihood of easing measures in the US and Europe. Executions for further RRR cuts in China also boosted demand prospects.

Natural gas extended previous gains amid abnormally hot and dry weather in the US. Warm weather increases fuel demand for air-conditioning.

Heating oil was among gainers over the week on brighter demand prospects from the EU and China.


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