Crude oil moved down on demand uncertainty

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Source: Dukascopy Bank SA
Energy commodities, excluding crude oil, appreciated on Monday as tropical storm Debby in the Gulf of Mexico is likely to disrupt production.

Crude oil dropped on demand concerns after Spain and Cyprus applied for bailouts on Monday. Moreover, high output levels from OPEC remove supply risk premium created by tensions in the Middle East.
 
Brent oil advanced as oil companies shut down about 44% of oil production in the Gulf of Mexico.

Natural gas rallied amid unfavorable weather conditions in the Gulf of Mexico. Additionally, high temperatures in the US are likely to increase fuel demand for air-conditioning.

Heating oil eased up on threat to supplies of energy products from the Gulf of Mexico.


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Tue, 26 Jun 2012 14:25:20 GMT

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