Brent oil declines on signs of weakening investment demand

Source: Dukascopy Bank SA
Energy futures except for natural gas declined on Monday amid US fiscal uncertainties and slowing manufacturing sector in China. Investors continued to avoid risky assets ahead of USD85 billion in automatic spending cuts in the US due to come in force on Friday. However, escalated tensions in Libya restricted the downswing.

Crude oil slumped on weak demand for risky assets amid political instability in Italy and China's annual legislative session due on Tuesday. However, broadly weaker US Dollar and unrest in Libya capped losses.

Brent oil tumbled on signs of weakening investment demand. Hedge funds and other money managers reduced their bets by 16.2%, the biggest decline in the number of contracts since August 2011.

Natural gas was the only gainer as forecasts called for abnormally cold weather in the most populated central and eastern parts of the US this week.

Heating oil moved in tandem with Brent and crude oil. An unexpected increase in the US distillate fuel inventories in the week ended February 24 continued to weigh on the commodity.
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