Brent oil retreated after FOMC meeting minutes

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Source: Dukascopy Bank SA
Energy futures apart from natural gas retreated on Wednesday after the FOMC meeting minutes showed that the Fed may stop its easing measures. Meanwhile, market players continued to anticipate the EIA inventory report due on Thursday.

Crude oil slumped the most in three months after the American Petroleum Institute reported US stocks rose 2.96 million barrels last week, reaching the highest level since December. At the same time, experts predict the EIA report to show a 1.9-million-barrel increase in the US inventories last week.

Brent oil closed in the negative territory on concerns that the end of the Fed's bond-buying program will weigh on energy demand of the world's top consumer. However, persistent tensions in the Middle East limited losses.

Natural gas was the only gainer, drawing strength from colder weather forecasts in the US. Meanwhile, analysts say the upcoming EIA report may show a 119-billion-cubic-feet drop in the US stockpiles.

Heating oil moved lower after the data released by the American Petroleum Institute indicated that US distillate fuel stockpiles declined 1.64 million barrels last week.
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