Energy commodities were bullish on Friday amid lingering concerns over instability in Libya and falling North Sea production. Speculation that the Fed will loosen its policy further in December and weakness of the greenback also lifted energy prices.
Crude oil rose on hopes that global stimulus measures will spur demand for energy. Escalating tensions in Libya also supported the commodity price.
Brent oil added 1.26% amid declining production from the North Sea region. However, the upward trend was limited by talks of possible strategic reserves release and elevating inventories in the US.
Natural gas continued its rally despite cooler weather in the US. Meanwhile, US natural gas inventories climbed in line with expectations last week thus sending the commodity higher.
Heating oil gained 3.15%, tracking gains of Brent and crude oil. Relatively low US supplies continued to push heating oil higher.