Brent oil dropped ahead of Iran's meeting

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Source: Dukascopy Bank SA
Energy commodities were mostly lower apart from natural gas due to easing supply fears ahead of key meeting between Iran and six world powers aimed at coming to a consensus over Iran's nuclear program.

Crude oil tumbled amid eased supply worries and elevating US stockpiles. API reported that US crude oil inventories gained 1.5 million barrels last week.

Brent oil moved in tandem with crude oil, failing by 0.37% over the day. Global growth downgrade and high OPEC output both added to losses of the commodity.

Natural gas surged by more than 3% on speculation that demand will strengthen as many companies are switching to natural gas from coal. Moreover, hot temperatures increase cooling demand.

Heating oil was almost unchanged, balancing between higher crude oil inventories and falling gasoline stockpiles.


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Wed, 23 May 2012 13:02:47 GMT

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