Crude oil eased down after US services sector data

Note: This section contains information in English only.
Source: Dukascopy Bank SA

Energy markets were mostly higher on Thursday on persistent supply concerns and potential increase in demand after the ECB and PBOC reduced interest rates.

Crude oil was the only loser as stronger US Dollar and pessimistic US services sector data  both weighted on the commodity price.

Brent oil approached five-week high amid concerns that continuous oil workers' strikes in Norway and Iranian threats will tighten supplies essentially.

Natural gas rose ahead of the closely-watched US supply data due on Friday. Natural gas stockpiles are likely to have edged up by 44 billion cubic feet last week compared to a 57 cubic feet increase in the preceding week.

Heating oil moved higher despite stronger US Dollar. Brighter demand prospects and tightening supplies lifted heating oil's price.

 


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