Brent oil rose on brighter demand prospects in the US

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Source: Dukascopy Bank SA
© Scanpix/AP
Energy futures except for natural gas advanced on Friday as positive US GDP reading boosted demand hopes. However, stronger US Dollar and on-going concerns over Spain and Greece capped the upswing of the commodity group.

Crude oil moved higher on anticipation that signs of economic recovery in the US will stimulate energy demand.

Brent oil added almost 1% on upbeat US data and persistent supply side support. Tensions between Syria and Turkey escalated. Moreover, violence started to spill over neighboring countries.

Natural gas retreated as US inventories climbed above the five-year average last week. Moreover, weather forecasts disappointed investors as mild temperatures are expected across the most parts of the US in the next weeks.

Heating oil was the top-gainer on worries that Hurricane Sandy will disrupt production in the US East Coast.


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