Crude oil rallies amid Middle East tensions, weak greenback

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Source: Dukascopy Bank SA
© Scanpix/AP
Energy futures apart from natural gas moved higher on Monday, supported by broadly softer greenback and rising optimism over the US budget approval. From the supply side, the commodity group also found support as tensions between Israeli and Hamas militants escalated.

Crude oil jumped on brighter demand prospects amid optimism over the US fiscal cliff and signs of the US housing market recovery. Escalating tensions in the Middle East also lifted crude oil futures.

Brent oil soared as conflict in the Middle East created a supply risk premium. Weaker US Dollar coupled with US fiscal hopes also supported the commodity.

Natural gas was the only loser as recent rally prompted investors to book profits. Moreover, updated weather forecasts suggested that normal temperatures are expected in the most US territory in the following week.

Heating oil moved higher ahead of the EIA inventory report due on Wednesday. Meanwhile, a start of the US heating season continued to lend support for heating oil prices.


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