Brent oil advances on Middle East turmoil

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Source: Dukascopy Bank SA
Energy futures apart from natural gas moved higher on Friday amid on-going geopolitical tensions in the Middle East. Investors continued to eye protests in Egypt against an extension of President Mohammed Morsi powers.

Crude oil climbed on better demand prospects in China as the country's PMI probably have climbed further in November. Moreover, escalated tensions in the Middle East coupled with an unexpected fall in the US inventories last week supported the commodity futures.

Brent oil followed crude oil's suit amid supply concerns in the Middle East. Brent oil was also lifted by hopes for better demand in China.

Natural gas was the only loser, reaching three-week low as weather forecasts indicated US is likely to face above-normal temperatures in the beginning of December.

Heating oil rose despite mild weather forecasts in the most parts of the US. Heating oil was boosted by a recent drop in US distillate fuel inventories and firmness in crude and Brent oil.


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Mon, 03 Dec 2012 09:37:31 GMT

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