Energy markets tumble despite possible supply disruptions

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Source: Dukascopy Bank
© Dukascopy Bank
Energy markets continued to tumble on Thursday with the Dow Jones-UBS Energy Index dropping by 1.62 over the day. Crude oil opened higher yesterday on the possible shutdown of the oil exports from Nigeria; however, after European officials announced that embargo of Iran's oil imports is likely to be delayed for six months, crude oil dropped 1.75%. EIA report on increasing oil stocks coupled with weak economic data in the US both also contributed to the downward move of the crude oil price. Mild weather forecasts and rising stocks in the US impact prices of other energy commodities as well.



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