Brent oil climbed after EIA inventory report

Source: Dukascopy Bank SA
© Scanpix/AFP
Energy futures apart from natural gas moved higher on Wednesday as risk appetite improved amid mounting hopes that US officials will agree on the next year's budget. Speculation that Japan will witness stimulus measures as well as positive Eurozone's numbers also pushed the energy prices higher.

Crude oil jumped on hopes of US budget resolution. A drop in the US stockpiles also sent crude oil prices higher. The EIA reported that US crude oil stocks fell 964,000 barrels last week, in line with market consensus.

Brent oil advanced amid lower US inventories and brighter demand prospects in the US and Japan. Moreover, positive economic data from Germany added to gains of the commodity.

Natural gas was the only loser ahead of the EIA weekly supply data due on Thursday. However, colder-than-normal temperatures in the most US territory continued to support natural gas prices.

Heating oil climbed on hopes that colder weather in the US will boost demand for heating fuel.


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