Energy commodities soared over the week amid building expectations that China will ease its prudent monetary policy in view of weakening manufacturing activity. Meanwhile, hopes that the Fed will also announce stimulus measures continued to lend support for energy prices.
Crude oil gained 0.33% over the last five trading days amid brighter demand prospects as widely expected stimulus measures are likely to boost economic activity in the US, China and Eurozone.
Brent oil rose 0.86%, drawing support from potential supply disruption from Norway as firms and oil workers have not managed to reach consensus regarding payment and work conditions.
Natural gas was the top-gainer over the week on hot weather forecasts in the US. However, the upswing was capped as US inventory levels remain high.
Heating oil rallied on hopes for stimulus in the US, China and Eurozone. Persistent supply concerns from the Middle East and North Sea also lifted the commodity price.