Energy commodities soared as rumours on US and UK oil reserves release denied

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Source: Dukascopy Bank
Energy commodities surged on Friday on the weaker US Dollar and escalated geopolitical tensions. The commodity group was earlier exposed to the speculation on the US and the UK's decision to release strategic oil reserves. However, rumours were later denied thus pushing the energy prices up. Meanwhile, Asian countries are attempting to be excluded from Iranian oil embargo. US inflationary data that indicated inflation growth being the highest in the last ten years and deteriorated US consumer sentiment both impacted the energy market. At the same time, natural gas bounced from 10-year low on the falling US inventory levels and bargain buying. However, mild US weather continued to limit the gains.


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