Crude oil edged up despite elevating inventories

Note: This section contains information in English only.
Source: Dukascopy Bank
Energy markets were mixed on Wednesday after the EIA report on the US stockpiles. Moreover, easing tensions between Iran and the West removed supply-risk premium for crude and Brent oil.

Crude oil was almost unchanged despite negative labour data releases from the Euro Zone and US. Elevating US inventories, which rose by 2.84 million barrels last week, failed to push crude oil down.

Brent oil was the top-loser after Iran announced it would seek the ways to end sanctions during negotiations with six major world powers on May 23.

Natural gas lost momentum as investors started to cash from the market as prices sharply increased.

Heating oil declined amid lack of clear fundamentals as US inventories remained steady last week while weather forecasts also are not expected to indicate lower temperatures.


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