Crude oil surges after upgrade in global demand estimate

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Scanpix/AP
Energy futures except for natural gas rallied on Wednesday after the Fed expanded its asset purchasing program to USD45 billion a month. Moreover, the International Energy Agency raised its oil demand forecast for 2013 to 90.5 million barrels per day. However, an unexpected increase in the US crude oil supplies last week created notable pressure on energy prices. Meanwhile, the OPEC members decided to leave their output ceiling unchanged at 30 million barrels per day as it was widely expected.

Crude oil trimmed gains after the EIA reported an unexpected jump in crude oil inventories last week. Stocks rose 0.8 million barrels last week versus an expected decline of 2.3 million barrels.

Brent oil surged on Fed decision to continue growth-boosting measures until a significant improvement in the US economic health. Moreover, upgrade in global demand forecast was supportive for the commodity futures.

Natural gas was the only loser ahead of the EIA supply report due on Thursday.

Heating oil climbed despite an increase of 3 million barrels in the US distillate fuel inventories last week.


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