Crude oil gains on tensions in Nigeria, BoJ stimulus plan

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Source: Dukascopy Bank SA
Energy futures apart from natural gas bounced off recent lows on Monday amid fresh worries over supply security in Africa. The rebel group in Nigeria said it killed about 15 security employees in an attack in Bayelsa state.

Crude oil drew strength from escalated tensions in Africa and hopes that a massive monetary easing plan by the BoJ will boost Japan's energy demand. Meanwhile, market players remained cautious ahead of the key China's data and EIA report due later in the week.

Bren oil rebounded after news that Iran and a group of countries including the U.S., U.K., France, China, Russia and Germany failed to reach a consensus on Iranian nuclear program during talks in Almaty that ended April 6. This may result in additional sanctions on Iranian oil exports.

Natural gas fell on profit taking after the commodity hit a 20-month high on Friday. However, the downside was restricted as weather forecasts continued to call for below normal temperatures in the northern and central parts of the U.S.

Heating oil was the top-gainer as recent U.S. inventory data showed a larger-than-expected decline in the US storage.
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