Brent oil jumped on US fiscal hopes, upbeat US housing data

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Source: Dukascopy Bank SA
Energy futures advanced on Wednesday on hopes that US officials will resolve the budget impasse thus avoiding recession in the country. Moreover, larger-than-expected increase in the US home prices in October as well as weaker greenback spurred rally of the commodity group.

Crude oil rebounded on expectations that US lawmakers will reach an agreement on fiscal policy before the January 1 deadline. Meanwhile, investors continued to await fresh EIA weekly oil supplies report due on Friday. Experts claim crude oil stocks may have declined by 1.6 million barrels last week.

Brent oil bounced off recent lows as optimism over US fiscal negotiations revived energy demand prospects. Upbeat data from the US housing market coupled with soft US currency added to gains of Brent oil futures.

Natural gas climbed on bright short-term demand expectations for heating fuel. Updated weather forecasts indicated colder-than-normal temperatures in the most US territory in the next seven-to-ten days.

Heating oil gained 1.64%. Colder temperatures and potential drop in the US inventories last week lifted the commodity.
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Thu, 27 Dec 2012 11:02:35 GMT

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