Brent oil plunged on bleak economic outlook

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Energy futures plunged on Wednesday amid appreciating greenback and global economic concerns. Meanwhile, an increase in the US crude oil stockpiles and uncertainty over the US fiscal cliff added to heavy losses of the commodity group.

Crude oil plummeted after the EIA report indicated that the US crude oil inventories jumped by 1.8 million barrels last week, broadly in line with market consensus.

Brent oil moved lower on global demand concerns. The EU predicted the eurozone economy to grow at much slower pace than previous forecast and downgraded China's expansion estimate to 7.7% this year versus a 9.2% growth last year.

Natural gas sank ahead of the US supply report due on Thursday. Analysts expect the storage data to show injection between 15 and 65 billion cubic feet, meaning that natural gas inventories attained all-time high.

Heating oil fell after the EIA data showed that the US distillate fuel inventories rose by 0.1 million barrels last week. Meanwhile, storage remained below the lower limit for this period of the year.


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Thu, 08 Nov 2012 09:30:24 GMT

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