Brent oil edged higher on weak greenback, China's data

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Source: Dukascopy Bank SA
Energy futures except for heating oil were bullish on Thursday amid improved outlook on energy demand after the data indicated larger-than-expected trade surplus in China last month. Soft greenback also spurred the rally. However, weak US labour market data erased some gains of energy futures.
 
Crude oil reached a four-month high after a release of the robust Chinese trade figures. However, larger-than-expected increase in the US crude oil inventories last week restricted an upward trend of the commodity.

Brent oil inched up amid weaker US dollar and strong China's trade data. At the same time, eased geopolitical tensions in the Middle East continued to weigh on the Brent oil.

Natural gas was sharply higher after the EIA report indicated that natural gas stockpiles dropped more than expected last week. US stocks fell by 201 billion cubic feet versus a forecast of a 186-billion-cubic-feet drop.

Heating oil was the only loser as updated weather forecasts show mild weather in the most US territory in the next ten days. Limiting losses, US inventories stood 44.2% below the five-year average last week.


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