Crude oil soars amid lingering supply concerns

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Source: Dukascopy Bank SA
© Scanpix/AP
Energy futures except for natural gas climbed on Friday as upbeat numbers in Germany coupled with hopes for Greek bailout deal increased demand for riskier assets. Moreover, protests in Egypt over the extension of President Mohammed Mursi powers fuelled supply concerns, boosting energy prices.

Crude oil surged on weaker US Dollar and optimism over the Eurozone. Lending additional support for the commodity, US inventories unexpectedly dropped last week while global supply insecurity persisted.

Brent oil climbed amid violence in Egypt and hopes for stronger demand from Europe and China.

Natural gas edged down on Friday but remained above one-year high amid potential increase in demand. Weather forecasts showed that the key parts of the US are likely to face lower-than-normal temperatures in the next seven days.

Heating oil inched up as colder-than-normal weather forecasts in the US boosted near-term demand hopes for heating fuel.


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