Crude oil advanced after encouraging US data

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Source: Dukascopy Bank SA
© Scanpix/AP
Energy futures except for natural gas moved higher on Thursday amid positive signals from the US economy. US durable goods soared in September while jobless claims fell last week. However, a boost was partly offset by slower than expected increase in pending home sales and a buildup in the US crude oil inventories last week.

Crude oil eased up on bullish data from the US. However, a recent increase in the US crude oil inventories capped gains of the commodity.

Brent oil gained a footing after encouraging US data. The commodity also continued to seek support on escalated tensions in the Middle East.

Natural gas plummeted to three-week low after the EIA report indicated that natural gas storage jumped by 67 billion cubic feet last week. US inventories stood above the five-year average last week.

Heating oil moved in tandem with crude and Brent oil, jumping by 0.75%. Heating oil was also lifted by falling US inventories.


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