Heating oil dipped after the EIA cut crude oil demand forecast

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Source: Dukascopy Bank SA
Energy futures apart from natural gas faced losses on Friday. The EIA reported that global demand may weaken after supply uncertainties in the Middle East and North Sea lifted energy prices. At the same time, broadly weaker US Dollar limited the downswing of the commodity group.

Crude oil eased down on global demand concerns amid inflated prices. Crude oil rallied almost 2% last week due to supply concerns from the Middle East.

Brent oil slid despite escalated tensions between Turkey and Syria that may cause supply disruptions from the region.

Natural gas was the only gainer after the EIA reported that US supplies rose less than expected last week.

Heating oil moved in sync with crude and Brent oil, shedding 1.02% after the EIA trimmed its energy demand forecast for 2012.
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