Brent oil flat amid solid greenback, weak European numbers

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Source: Dukascopy Bank SA
© Scanpix/AP
Energy futures traded lower on Friday, weighted down by disappointing US preliminary consumer confidence reading for November and strong US Dollar. Adding to the negative mood of the commodity group, industrial production in the UK and Germany was weaker-than-expected last month. However, speculation that the Fed will stick to its ultra-easy policies limited losses of the commodity group.

Crude oil retreated on discouraging news from Europe and solid greenback. Moreover, mixed US data added pressure on the commodity.

Brent oil was steady as supply threats in the Middle East offset losses caused by weak numbers from Europe.

Natural gas tumbled after updated weather forecasts showed above-normal temperatures across the major parts of the US in the next two-weeks. Warmer temperatures weighted on potential demand for heating fuel in the country.

Heating oil dipped as warmer-than-expected winter weather in the US is expected to reduce demand for heating fuel.


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