Crude oil edged down on weaker China's demand

Source: Dukascopy Bank SA

Energy commodities followed bearish trend on Friday amid dismal China's trade data as well as bleak economic outlook on the single currency union. At the same time, supply uncertainties from the Middle East supported the commodity group.

Crude oil slumped on weak demand from China. Beijing's General Administration of Customs stated that net crude oil imports attained seven-month low in July.

Brent oil was slightly lower on weak China's trade data. However, geopolitical tensions across Iranian nuclear program limited the downward trend of Brent oil.

Natural gas sank as traders attempted to cash out from the market after natural gas futures rallied more than 5% on Thursday.

Heating oil moved in tandem with Brent and crude oil despite low inventory levels in the US.

 

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