Crude oil flat on escalated tensions in the Middle East

Source: Dukascopy Bank SA
Energy futures except for Brent oil were bearish on Monday amid strong US data releases and persistent worries over Spain. The commodity group continued to face pressure after the EIA reduced its global demand estimate, citing lower consumption in Europe, US and China.

Crude oil was almost flat, balancing between escalated tensions in the Middle East and concerns that global demand is weakening.

Brent oil was the only gainer on hopes that expected easing in China will boost demand. Moreover, upbeat retail sales data from the US added to gains of the commodity.

Natural gas retreated after updated weather forecasts indicated that US weather is likely to remain warm in the next six-to-ten days.

Heating oil dropped ahead of the US inventory report due later in the week. US Inventories stood near the lower limit of the average range for this year period last week.


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