Crude oil jumped following pipeline explosion in Saudi Arabia

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Source: Dukascopy Bank
Energy commodities, except for natural gas, posted firm gains on Thursday amid expected tightening of the supply and hopes for stronger demand due to improved manufacturing activity of the world's largest economies. The main stimulating factor for oil price increase was a report on the explosion of the major pipeline in Saudi Arabia. However, many officials have denied the report on the explosion. Moreover, persistent violence and conflicts in Libya and Sudan also elevate concerns over instability in the oil producing region. However, appreciating US Dollar and increased US crude oil inventories limited the gains. Natural gas was the only loser over the day as smaller than expected fall in the US inventories and mild weather forecasts pressured the price.


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