Energy commodities apart from natural gas surged on Tuesday on expectations that the ECB will act to resolve the debt crisis in the Eurozone. Moreover, supply concerns from the Caribbean also boosted the commodity group.
Crude oil climbed on lower risk-aversion among market players amid positive news from the single currency union. Threat of tropical storm in the Caribbean also added support for the commodity.
Brent oil jumped as supply concerns from the Middle East and North Sea sent Brent oil futures up.
Natural gas was the only loser amid concerns over ample supplies in the US. Total US supplies remained 13.5% above the five-year average level last week, according to EIA.
Heating oil was the best-performer, rallying 1% ahead of the US inventory data due on Wednesday. Low US stockpiles coupled with supply uncertainties provided strong support for the commodity.