Brent oil rose on possible storm in the Gulf of Mexico

Source: Dukascopy Bank SA
Energy markets posted slight gains on Friday after recent slump. Expected storm in the Gulf of Mexico supported the commodity pack.

Crude oil surged by 2% on unfavorable weather conditions in the Gulf of Mexico. However, persistent surplus in the market as OPEC continues to pump more oil than its initial target restricted the upward trend.

Brent oil rose as potential storm in the Gulf in Mexico may disturb production. Moreover, more growth-oriented policies from the Eurozone supported the gains.

Natural gas inched up, being buoyed by possibility of tropical storm in the Gulf of Mexico. Meanwhile, record fall in production continued to provide support for the commodity price.

Heating oil was bolstered by potential supply disruption because of the storm. However, bleak demand prospects continued to dampen investors' sentiment.


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