Crude oil moved lower after weak China's PMI reading

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Source: Dukascopy Bank SA
Energy futures apart from natural gas were steady on Monday on weak demand for risky assets amid elections in Italy. Solid greenback and caution ahead of the Fed Chairman Ben Bernanke testimony due on Tuesday also put pressure on the commodity complex.

Crude oil retreated amid appreciation in the US Dollar. Pushing the commodity lower, China's manufacturing activity expanded at the slowest pace in four months in February. Meanwhile, market players were awaiting economic data releases from the US scheduled this week.

Brent oil advanced despite speculation that a diplomatic resolution to the conflict over Iranian nuclear program is possible. Adding pressure, analysts predict a 2.5-million-barrel increase in the US inventories last week.

Natural gas skyrocketed to a five-week high as weather forecasts continued to call for colder-than-normal temperatures in the most US territory over the next 11-to-15 days. A recent decline in the US stockpiles also lent support to the commodity.

Heating oil edged lower despite colder weather forecasts and declining US inventories.
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