Brent oil edges up on speculation OPEC will cut output

Source: Dukascopy Bank SA
Energy futures except for natural gas edged higher on Thursday on speculation that OPEC may reduce its output by 1% this month amid tightening supplies from Saudi Arabia. However, weak data from the Eurozone capped gains of the commodity sector.

Crude oil moved higher on hopes the OPEC will cut its supplies this month. Adding to gains, US crude oil inventories increased only by 0.6 million barrels last week, compared to a forecast of a 2.4-million-barrel jump.

Brent oil posted mild gains on speculation the OPEC may pare its production. Moreover, persistent geopolitical tensions in the Middle East continued to provide support to the commodity futures.

Natural gas was the only loser after the EIA report revealed that natural gas inventories declined less than expected. US natural gas storage dipped 157 billion cubic feet last week versus predictions of a 166-billion-cubic-feet drop.

Heating oil inched up as US supplies continued to fall. US distillate fuel inventories decreased 3.7 million barrels last week, sending the total inventories below the lower limit of the average range for this period of the year.
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