Energy commodities fell amit easing tensions regarding Iran

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Source: Dukascopy Bank
© Dukascopu Bank

Energy commodities continued to tumble on Friday with Dow Jones-UBS Energy Index falling by 0.56. Crude oil erased gains occurred in the beginning of the week and closed on Friday with 2.8% decrease. Crude oil mainly was impacted by easing tensions between Iran and Western economies, by raising US energy stock levels and by credits cuts in the Euro Zone.  Meanwhile, hedge funds increased net long positions on Nymex crude oil over the week anticipating price increase. Crude oil trades in a narrow range near $100/bbl fluctuating on the tensions regarding Iran and concerns over global economic stability.

 

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Mon, 16 Jan 2012 16:49:21 GMT

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