Brent oil fell on demand concerns

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Source: Dukascopy Bank SA
Energy commodities posted losses on Thursday on global demand concerns. Pessimism about the EU summit and possible introduction of healthcare reform in the US both added pressure on the commodity pack.

Crude oil lost more than 3% as traders shifted from riskier assets to the US Dollar amid turmoil in the Eurozone. Even looming Iranian oil embargo failed to support the price.

Brent oil lost supply risk-premium as investors turned to the EU summit that is not expected to result in durable solution to the debt woes in the area.

Natural gas extended losses after the IEA reported larger than expected buildup in the US inventories last week. However, potential increase in demand due to hot temperatures limited the downward trend.

Heating oil declined as persistent demand worries outweighed possible oil supply disruptions after a full Iranian oil exports ban comes in force on July 1.


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