Crude oil climbed after US officials reached fiscal agreement

Source: Dukascopy Bank SA
© Scanpix/AP
Energy futures apart from natural gas moved higher, being boosted by long-awaited deal on the US budget for 2013. Better-than-expected final manufacturing PMI figures from the US and UK also were supportive for the commodity group.

Crude oil shot up after the US Congress approved fiscal reforms to avert so-called fiscal cliff. Capping gains, US crude oil stockpiles dropped 0.6 million barrels in the week ended December 23 versus expectations of a 1.6-million-barrel decline.

Brent oil ended Wednesday's trade in the positive area as optimism over the US fiscal deal improved demand prospects for the commodity. However, solid greenback limited an upward trend.

Natural gas was the only loser, reaching a three-month low amid warmer-than-normal weather forecasts in the most parts of the US. Furthermore, slightly smaller-than-predicted fall in the US stocks pushed the commodity lower.

Heating oil advanced despite warm weather forecasts in the most US territory. Heating oil managed to inch up 0.83% tracking crude and Brent oils' strength and optimism over the US fiscal agreement.


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