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Energy futures apart from natural gas slumped on Monday amid global growth fears. The World Bank lowered its growth estimate for China for 2012 while the IMF cut global expansion forecast for 2012 and 2013.
Crude oil was the worst performer, dipping 0.61% as demand prospects deteriorated after the IMF lowered its global growth outlook. Broadly stronger greenback also pushed crude oil lower.
Brent oil slid as demand concerns outweighed supply uncertainties from the Middle East. Tensions between Turkey and Syria escalated after Turkey promised to defend itself from Syrian attacks.
Natural gas was the only gainer despite warmer-than-normal weather forecasts in the US. Elevated inventory levels in the US also capped the upswing of the commodity.
Heating oil fell ahead of the US distillate fuel inventory report due on Thursday. Distillate fuel inventories stood close to the lower limit of the average range last week.