Brent oil slides as North Sea pipeline resumes operations

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Source: Dukascopy Bank SA
Energy futures were mixed on Friday amid upbeat labour figures from the US and rising China's exports. However, worries over situation in Italy coupled with strong US Dollar and larger-than-expected increase in the US crude oil inventories put notable pressure on the commodity sector.

Crude oil finished in green, being supported by hopes that recovery of the US economy will result in an increase in oil consumption. At the same time, US stockpiles rose 3.8 million barrels in the week ended February 24, compared to a forecast of a 0.9-million-barrel increase.

Brent oil moved lower as the North Sea pipeline resumed its operations after a five-day stop. Moreover, speculation that Saudi Arabia may increase its output pushed the commodity lower.

Natural gas was the top performer, attaining a six-week high as weather forecasts continued to show colder-than-normal temperatures in the most of the Eastern part of the US in the next six-to-ten days.

Heating oil declined despite a potential increase in near-term demand due to cold temperatures in the US.
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