Brent oil dropped after expiration of November contract

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Source: Dukascopy Bank SA
Energy futures except for crude oil retreated on Tuesday despite broadly lower greenback and encouraging US and German numbers. Lending additional support for energy prices, output from the North Sea continued to drop while turmoil in the Middle East persisted.

Crude oil was the only gainer amid depreciating US Dollar and strong economic data from the US and Germany. Easing concerns over debt crisis in Spain also supported the commodity price.

Brent oil started the session on the positive note, attaining a four-week high of USD116 per barrel during intraday trade. However, the commodity futures ended the day in the red territory as November contract expired on Tuesday.

Natural gas dipped to one-week low amid persistent worries over bloated US inventories. An updated weather forecasts also created heavy selling pressure on the commodity.

Heating oil prolonged its slump ahead of the weekly inventory report due on Wednesday.
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Wed, 17 Oct 2012 07:53:25 GMT

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