Crude oil rallies on US fiscal hopes; EIA report in focus

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Source: Dukascopy Bank SA
Energy futures rallied on Tuesday amid broadly weaker US Dollar. Moreover, hopes that the US lawmakers will agree on the next year budget and will manage to avoid deep recession next year boosted demand for riskier assets.

Crude oil jumped on brighter demand outlook as the US is expected to avert so-called fiscal cliff while Japan is likely to ease its monetary policy further. Meanwhile, experts predict a decline of 0.9 million barrels in the US crude oil stockpiles last week.

Brent oil was bullish as geopolitical tensions in the Middle East fuelled concerns over supply insecurity. Weaker greenback and firmness in crude oil also supported the commodity.

Natural gas soared amid cooler weather forecasts in the US. The Commodity Weather Group reported earlier that temperatures in the most US territory will decrease to colder-than-normal levels in the last five days of December.

Heating oil shot up by 1.36% on colder-than-normal weather forecasts in the US. Meanwhile, traders awaited US distillate fuel inventories figure due on Wednesday.


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Wed, 19 Dec 2012 09:21:11 GMT

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