Crude oil rallied on supply concerns

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Source: Dukascopy Bank SA
Energy commodities soared as positive outcome of the EU summit is likely to increase energy consumption. From the supply side, the commodity group also was bolstered by start of a full Iranian oil embargo.

Crude oil rallied on news that the EU officials took concrete steps to combat crisis in the area. Moreover a 133,000 barrel fall in the US supplies last week provided additional support for the commodity price.

Brent oil soared on supply worries as strikes in Norway continued to restrict output while total Iranian oil exports ban, which comes in force on July 1, tightened supplies even more.

Natural gas surged on dip buying after Thursday's slump as the IEA reported unexpected increase in the US inventories.

Heating oil followed the common upward trend on the EU meeting euphoria that lifted risk-appetite among market participants.


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