Crude oil plunges before EIA weekly supply report

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Source: Dukascopy Bank SA
Energy futures apart from natural gas traded in the negative area amid broadly stronger US Dollar and concerns that turmoil over Cyprus bailout may push the Eurozone deeper into recession. Investors also remained on the sidelines ahead of the EIA energy supply reports due on Wednesday and Thursday.

Crude oil slumped on global demand concerns as Eurozone's recession may persist. Moreover, cautiousness before the EIA weekly report pushed crude oil futures deeper in red. Experts predict the EIA report to show a 1.8-million-barrel increase in stocks compared to a jump of 2.6 million barrels in the preceding week.

Brent oil hit a three-month low as investors avoided growth-sensitive assets amid rising uncertainty over Cyprus bailout. Capping losses, tensions in Libya threaten oil supplies from the country.

Natural gas was the only gainer as weather forecasting models continued to call for colder-than-normal temperatures in the eastern parts of the US.

Heating oil dropped, tracking weakness in Brent oil prices. However, the downswing was limited as API data indicated a 1.3-million fall in the US distillate fuel inventories last week compared to predicted one-million-barrel drop.
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