Brent oil dropped on global demand worries

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Source: Dukascopy Bank SA
Energy markets plunged on Monday on global demand worries. However, potential supply disruptions from Iran curbed losses of the commodity group. Iranian National Security Committee is drafting a bill to call the country to block oil transportation via the Strait of Hormuz.

Crude oil was the top-loser after the US, Europe and China reported weak manufacturing sector's state in June.

Brent oil retreated 0.5% as demand concerns outweighed possible supply disruptions from Iran. Meanwhile markets await US industrial orders data  due on Tuesday; the data may result in price correction.

Natural gas was unchanged as weak PMI releases managed to equilibrate potential demand increase caused by abnormally hot weather in the US.

Heating oil declined, following crude and Brent oil's suit after disappointing global manufacturing data.


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