Crude oil gains despite US GDP, buildup in US inventories

Source: Dukascopy Bank SA
Energy futures were bullish on Wednesday after the Fed left its loose monetary policy unchanged. However, dismal US quarterly GDP reading as well as much bigger-than-expected increase in the US crude oil inventories put notable pressure on the commodity group.

Crude oil climbed on hopes for solid demand amid easing measures by the Fed. At the same time, investor sentiment was dampened by bearish reading of the EIA report. EIA data indicated US crude oil stockpiles soared 5.9 million barrels last week versus estimates of a 2.9-million-barrel increase.

Brent oil rose on Fed's stimulus and weak greenback. The commodity also was boosted by geopolitical tensions between Libya and Algeria.

Natural gas was the top-performer on bottom fishing after the price declined in the previous sessions. Meanwhile, analysts predict the EIA report due on Thursday to show a 202-billion-cubic-feet decline in the US natural gas storage last week.

Heating oil finished in green territory after the EIA report showed US distillate fuel inventories dropped 2.3 million barrels last week and stood close to the lower limit of the average range.
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