Brent and crude oil tumbled on possible oil reserves release in the US

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Source: Duakscopy Bank
Energy commodities tumbled on Thursday after speculation that US will cooperate with the UK in releasing oil reserves to curb inflation. Brent and crude oils were the top-losers after the announcement. However, they managed to erase some losses on Friday trades amid lingering supply concerns and expected stronger demand from healthier US economy. US manufacturing and labour data continued to inspire the markets while Swift halted all transactions with Iranian banks. Stronger equities and slight weakness in the greenback also limited the losses. Meanwhile, natural gas declined on the mild weather forecasts in the US and even falling inventories failed to stop the tumble.
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