Crude oil tumbled amid dismal reports from the US

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Scanpix/AP
Energy futures apart from natural gas plunged on Friday as stronger US Dollar combined with deteriorating global economic outlook created notable pressure on the commodity group. Moreover, easing supply-side support weighted down on energy prices. TransCanada Corp is expected to resume operations at its Keystone pipeline despite unfavorable weather conditions.

Crude oil was the worst-performer as US crude oil inventories stood 11% above previous year level last week. Broadly stronger US Dollar and weak reports from the US companies also pushed the commodity lower.

Brent oil lost 2.03% on mounting global growth fears. However, supply uncertainties in the North Sea restricted the downswing.

Natural gas was the only gainer as investors started to buy on dips after larger-than-expected increase in the US stockpiles last week.

Heating oil traded lower despite falling US inventories. Poor US companies' earnings as well as rallying greenback pressurized the commodity price.


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