Brent and crude oil fell as Saudi Arabia denied remours on pipleline explosion

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Source: Dukascopy Bank
Energy market faced mixed performance on Friday with falling Brent and crude oil and growing natural gas and heating oil. Crude oil retreated from 110 US Dollars per barrel on the weaker equities and stronger US Dollar. Moreover, Saudi Arabia denied rumors on the key pipeline explosion that was the main factor sending oil prices to ten-month high. Further, Barack Obama said on Friday that the military conflict with Iran is less possible as it would generate sympathy for the country. More stable situation in the region created a downward pressure on the oil futures.  Natural gas posted slight gains despite elevated inventories and mild weather forests in the US. Bottom-fishing buying of the natural gas was supportive for its price.


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Mon, 05 Mar 2012 14:57:12 GMT

Grains were firm on the South American harvest conditions

Rural commodities apart from coffee were higher on Friday despite stronger US Dollar and weaker equities. Grain commodities drew strength from rallying soybean futures that hit five-month high on the lingering concerns over South America's crop conditions. Moreover, wheat and corn were supported by the sustainable demand from China for US grains. Further, expected fall in the Russia's wheat exports

Mon, 05 Mar 2012 14:44:43 GMT

Industry metals moved down amid weak China's demand

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