Energy commodities eased up on Wednesday due to fall in inventories

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Source: Dukascopy Bank
Energy prices moved higher despite strong US Dollar and ongoing China's growth concerns after pessimistic PMI data. Crude and Brent oil were strongly supported by unexpected fall in the US oil inventories last week. Meanwhile, traders continued to eye development across Iranian oil embargo. Currently, the geopolitical tensions eased as Saudi Arabia announced it is ready to increase its output to offset supply shortages after total ban on Iranian oil imports in the Euro Zone. Moreover, the US exempted Japan and 10 more countries from sanctions as these countries managed to reduce oil imports from Iran. At the same time, natural gas also moved up as investors await IEA report on natural gas storage that is expected to indicate increase in inventories.


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