Brent oil tumbled as China's consumption declined

Note: This section contains information in English only.
Source: Dukascopy Bank SA

Energy commodities lost supply risk premium on Tuesday and ended the day on the negative note. Stronger US Dollar and continuous turmoil in the single currency union also created notable pressure on the commodity group.

Crude oil plunged more than 2% after Norway's government demanded oil workers to stop the strike.

Brent oil retreated as China's oil imports dropped in June. Looming meeting between Iran and EU due on July 24 may ease geopolitical tensions hence add pressure on the energy markets.

Natural gas sank more than 5% as traders started to take profits from the Monday's rally. However, warmer than normal weather forecasts in the US limited downward trend of the natural gas futures.

Heating oil went down on persistent demand concerns and easing supply worries after Norway's government intervened in an oil workers' strike.

 

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