Brent oil climbed on weak US Dollar, geopolitical tensions

Source: Dukascopy Bank SA
Energy futures apart from crude oil moved higher on Thursday amid broadly weaker US Dollar and optimism over continuation of Fed's growth-boosting measures. At the same time, gains were capped by weak US data suggesting the recovery of the world's top economy is slowing down.

Crude oil was the only loser after the data showed larger-than-expected increase in jobless claims last week. Adding pressure on the commodity, the EIA report indicated US crude oil stockpiles soared more-than-expected last week.

Brent oil posted a mild gain amid weaker greenback and hopes the Fed's measures will revive US economy thus boosting energy demand. Brent oil also continued to draw strength from geopolitical tensions between Libya and Algeria.

Natural gas climbed despite bearish EIA report. US natural gas inventories tumbled by 194 billion cubic feet last week, compared to a forecast of a 202-billion-cubic-feet decline. Warm weather forecasts also weighed on natural gas.

Heating oil continued to rise on concerns over low US stockpiles. The latest EIA report showed distillate fuel stocks slumped by 2.3 million barrels last week and stood more than 40% below the average range for the current period of the year.
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