Brent oil surged; Middle East conflict in focus

Source: Dukascopy Bank SA
© Scanpix/AFP
Energy futures jumped on Wednesday despite bleak global outlook and solid greenback. Meanwhile, escalated tensions in the Middle East pushed the commodity group higher. However, market players remained cautious ahead of the EIA inventory report due on Thursday.

Crude oil rallied ahead of the US stockpiles data due on Thursday. Crude oil inventories are expected to have climbed by 2.5 million barrels last week.

Brent oil soared on potential supply disruptions in the Middle East, especially as Iranian oil embargo cuts OPEC production. Israeli threatened that attack on Hama's commander was not the end of the conflict in Gaza and more strikes would follow.

Natural gas moved higher ahead of the closely watched inventory report due on Thursday. Experts predict a decline of 13 billion cubic feet due to beginning of the heating season.

Heating oil jumped despite strong US Dollar and dismal US retail sales data. A start of  the US winter heating season also lifted the commodity futures.


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