Crude oil tumbled amid dismal reports from the US

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Energy futures apart from natural gas plunged on Friday as stronger US Dollar combined with deteriorating global economic outlook created notable pressure on the commodity group. Moreover, easing supply-side support weighted down on energy prices. TransCanada Corp is expected to resume operations at its Keystone pipeline despite unfavorable weather conditions.

Crude oil was the worst-performer as US crude oil inventories stood 11% above previous year level last week. Broadly stronger US Dollar and weak reports from the US companies also pushed the commodity lower.

Brent oil lost 2.03% on mounting global growth fears. However, supply uncertainties in the North Sea restricted the downswing.

Natural gas was the only gainer as investors started to buy on dips after larger-than-expected increase in the US stockpiles last week.

Heating oil traded lower despite falling US inventories. Poor US companies' earnings as well as rallying greenback pressurized the commodity price.


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