Brent oil slid on weak fundamentals; inventory data in focus

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Source: Dukascopy Bank SA
Energy futures were bearish on Monday as weak Chinese and U.S. figures raised concerns over global energy demand prospects. Moreover, a record high U.S. crude oil inventories and caution ahead of G20 meeting due to start on Thursday weighed on energy prices.

Crude oil declined as China's data exacerbated concerns over global demand raised by recent global consumption estimate's cuts by the IEA. Furthermore, the commodity remained under heavy selling pressure after the U.S. storage hit the highest level since July 1990 last week.

Brent oil slid despite an expected decline in the U.S. gasoline inventories last week. U.S. stockpiles probably fell 800,000 barrels last week.

Natural gas swung to losses on profit-taking and negative headlines from the U.S. and China. However, forecasts for a return of winter weather in eastern part of the U.S. continued to lend support to commodity.

Heating oil moved lower despite expectations of a 500,000-barrel drop in the U.S. distillate fuel inventories last week.
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