Energy commodities advanced on Monday amid continuous hopes for stimulus in the US and China. Sending the commodity group lower, Saudi Arabia's oil minister announced that high oil prices were a global concern and were not justified.
Crude oil ended the day with a mild gain, balancing between US and China's stimulus speculation and reports that high oil prices are not fully supported by fundamentals. At the same time, strong greenback capped the upswing.
Brent oil inched up despite increased cautiousness in the market ahead of the German Constitutional Court decision and Fed meeting. Market participants also awaited US inventory report due on Wednesday.
Natural gas skyrocketed on below-normal temperatures forecasts in the US Midwest and above-normal temperatures in the US coastal parts.
Heating oil moved in tandem with Brent and crude oil, gaining 0.57% ahead of the US inventory report due on Wednesday.