Brent oil plunges as Iranian sanctions may be eased

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Source: Dukascopy Bank SA
Energy futures ended Tuesday's session in red after the American Petroleum Institute reported an increase in the US inventories. Moreover, easing supply concerns added pressure on the commodity complex. Iran is preparing its offer to a proposal by US and other countries to remove some sanctions.

Crude oil dropped after the American Petroleum Institute said US stockpiles advanced 904,000 barrels last week, reaching almost a two-month high. At the same time, the EIA report due on Wednesday is expected to indicate a 2.5-million-barrel increase in inventories.

Brent oil plummeted as Iran met several partners to discuss possibility to ease sanctions. Additionally, speculation that US inventories may have risen further last week weighed on Brent oil futures.

Natural gas retreated as markets priced in colder weather forecasts in the US. Meanwhile, investors awaited the EIA inventory report due on Thursday.

Heating oil plunged despite a larger-than-expected slump in the US stockpiles. Distillate fuel storage tumbled 1.7 million barrels last week, compared to a forecast of a 1.55-million-barrel fall, reported the American Petroleum Institute.
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