Crude oil surges on optimism over Cyprus bank deal

Source: Dukascopy Bank SA
Energy futures were mixed on Friday amid weaker US Dollar and hopes for an agreement on Cyprus bailout. Furthermore, a recent Fed's decision to stick to its current monetary policy lifted energy futures. At the same time, disappointing readings of the Eurozone's flash PMI data limited gains.

Crude oil climbed as eased worries over Cyprus bailout deal bolstered demand for growth-sensitive commodities. Moreover, an unexpected drop in the US crude oil inventories last week supported the commodity futures.

Brent oil was bullish on soft greenback and strong crude oil prices. Moreover, hopes for resolution of Cyprus bailout issue were supportive for Brent oil prices.

Natural gas finished the week below its 18-month high despite strong fundamentals. Weather forecasting models continued to call for colder-than-normal temperatures in the most US territory in the beginning of spring.

Heating oil declined as US stockpiles dropped less-than-expected last week. According to the latest EIA report, US distillate fuel storage declined 700,000 barrels last week compared to forecasts of a 1.5-million-barrel drop.
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