Crude oil surged amid supply concerns and demand hopes

Note: This section contains information in English only.
Source: Dukascopy Bank SA

Energy commodities except for natural gas moved higher on Thursday amid weaker greenback and strong US economic data. Brighter demand prospects and tightening supplies also boosted energy prices.

Crude oil was higher after Angela Merkel backed up the ECB steps aimed at tackling debt crisis in the Eurozone. Hopes for easing in China also sent crude oil futures up.

Brent oil advanced on demand prospects from China and intensified geopolitical tensions in the Middle East. Persistent civil conflict in Syria, dispute over Iran's nuclear program and production cuts in the North Sea created supply risk premium for the commodity.

Natural gas approached seven-week low after US supply report. EIA data showed that natural gas inventories rose broadly in compliance with forecast last week.

Heating oil climbed 1.22% amid low US stockpiles and supply uncertainties from the Middle East and North Sea.

 

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