Energy commodities apart from natural gas were slightly higher on Friday amid rising hopes for easing program in the US after weak labour market data. However, concerns that US strategic oil reserves may be released to ease pressure from tightening oil supplies weighted down on the energy prices.
Crude oil gained almost 1%, drawing strength from recent ECB decision and hops for easing in the US. Larger than expected decline in the US crude oil inventories last week also lifted the commodity futures.
Brent oil ended the week in positive territory despite fading supply concerns as worries over production disruption in the Gulf of Mexico eased.
Natural gas extended previous slump despite lower inventories in the US. On Thursday, the EIA reported a 28-billion cubic feet increase in natural gas storage last week compared to a 36-billion cubic feet expected rise.
Heating oil edged up as US inventories remained below the lower limited of the average range for this year period last week.