Energy commodities apart from natural gas plunged on Wednesday amid QE3 fears and concerns over Spain and Greece. Capping the downswing of the commodity group, US crude oil inventories fell more than expected last week.
Crude oil was the top-loser on global demand concerns. Worries that QE3 may not provide sufficient stimulus for the US economy created notable pressure on the commodity.
Brent oil posted mild losses as bigger-than-expected decline in the US inventories last week coupled with persistent tensions in the Middle East restricted the downside.
Natural gas rallied amid easing concerns that US inventories would elevate above storage limits before demand strengthens amid low temperatures.
Heating oil was flat despite a 0.5-million-barrel fall in the US distillate fuel stockpiles last week. Currently, distillate fuel inventories are near the lower limit of the average range.