Brent oil eased up on escalated tensions in the Middle East

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Source: Dukascopy Bank SA

Energy commodities apart from natural gas gained, remaining well-supported by Fed decision to implement stimulus measures in the US.  Moreover, escalated tensions in the Middle East created strong upward pressure on the commodity group.

Crude oil moved higher on easing measures in the US and supply concerns from the Middle East. Persistent tensions over Iran's nuclear program continued to lend support for energy prices.

Brent oil climbed 0.67% on news that demonstrations in Yemen and clashes in Egypt near the US embassy created supply threat for crude oil products.

Natural gas extended previous losses on strong pressure from elevated US inventories. US natural gas stockpiles stood above five-year average for this year period last week.

Heating oil erased Thursday's decline, tracking gains of crude and Brent oil.

 

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