Brent oil unchanged after weak US data

Source: Dukascopy Bank SA
Energy futures moved lower on Friday after weak data release from the US real estate market. Moreover, profit taking after Thursday's rally put heavy pressure on the commodity group. However, positive German business confidence data as well as weaker greenback restricted a downward trend.

Crude oil ended the week in the negative territory as traders cashed out form the market after the price soared to almost a four-month high in the previous session.

Brent oil was steady on speculation that there probably will not be a surplus on the physical markets predicted by OPEC this year. Meanwhile, easing geopolitical tensions in the Middle East and global economic uncertainty pressurized the commodity.

Natural gas dipped in a volatile Friday's session ahead of expiration of February contract due on Tuesday. Warmer weather forecasts in the US and weak US data weighed on natural gas futures.

Heating oil was the top-loser on expectations of warmer temperatures in the US. However, a recent bullish reading of EIA weekly report limited losses of heating oil futures.
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