Crude oil retreated on global demand concerns

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Source: Dukascopy Bank SA
© Scanpix/AP
Energy futures, excluding natural gas, declined on Tuesday amid stronger US Dollar and global demand concerns. Market players remained worried about the US fiscal cliff and uncertainty over whether Greece will receive the next tranche of the bailout timely.

Crude oil moved lower, hovering near four-month low on fears that global energy demand may weaken in wake of spreading crisis in the eurozone and looming fiscal cliff in the US.

Brent oil dropped ahead of the EIA inventory report due on Thursday. Meanwhile, traders remained cautious before the FOMC minutes due on Wednesday.

Natural gas surged as colder weather forecasts fuelled heating demand hopes. Experts predict that US Southeast is likely to face cold weather in the next five days.

Heating oil declined, moving in sync with crude and Brent oil. Meanwhile, a release of the US inventory report on Thursday may cause a correction in the commodity price. 


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Wed, 14 Nov 2012 09:19:40 GMT

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