Crude oil tumbled as Iranian talks progress

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Energy markets were mostly lower on Wednesday as Iranian talks are likely to bring positive results. At the same time, demand may drop amid dismal manufacturing performance worldwide.

Crude oil tumbled below 90 US Dollars per barrel after Iran agreed to allow international inspectors to examine aspects regarding the country's nuclear program.

Brent oil eased down amid strong US Dollar and higher US stockpiles. Moreover, expectation for slowing global demand also weighed on the commodity.

Natural gas was the only gainer after US meteorologists reported that tropical storm is expected to cause short-term supply disruptions.

Heating oil was among the losers as demand may weaken due to moderate temperatures and softening EU consumption.


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Thu, 24 May 2012 17:59:49 GMT

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