Crude oil edged up as Cushing inventories declined

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Source: Dukascopy Bank SA
Energy commodities were mixed on Tuesday, balancing between bleak demand outlook and falling crude oil inventories in the US.

Crude oil rose by 0.75% after API reported that Cushing, key US hub, faced a fall in the crude oil inventories last week.

Brent oil was the top-loser ahead of OPEC meeting due on Thursday. Iran, Venezuela and Angola called Saudi Arabia to restrict oil output to limit recent price fall while Saudi Arabia intends to stick to the current production level.

Natural gas advanced as demand from electricity sector is likely to soar. Moreover, recent slump in the natural gas price created dip buying opportunities for investors.

Heating oil was lower amid rising risk-aversion in view of the Eurozone's debt woes.


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