Brent oil tumbles on US fiscal concerns, rising US inventories

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Source: Dukascopy Bank SA
© Scanpix/AP
Energy futures sank on Thursday amid fading effect of both the Fed easing measures and an upgrade in the global consumption forecast. Investors focused on uncertainty surrounding US budget dispute. A failure to avert so-called fiscal cliff is expected to lead to recession of the world's top economy. Moreover, an unexpected increase in the US crude oil stockpiles last week sent energy prices lower.

Crude oil slumped on an unexpected jump in the US crude oil supplies last week and concerns over US fiscal cliff. Brent oil was the top-loser on US fiscal worries. Meanwhile, market players also awaited flash PMI releases from China, the Eurozone and the US due on Friday to gauge global demand potential. Natural gas tanked after the EIA announced that US inventories unexpectedly increased by two billion cubic feet last week, confronting expectations of a four-billion-cubic-feet decline. Heating oil was bearish amid warm weather forecasts in the US and an unexpected rise in distillate fuel stocks last week.

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