Crude oil inches up on bright global demand prospects

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Source: Dukascopy Bank SA
Energy futures extended previous gains on upbeat Chinese figures. China's GDP expanded by annualized 7.9% in Q4 of 2012 versus expectations of a 7.8% growth. Moreover, the International Energy Agency raised its global demand forecast for 2013 by 240,000 barrels per day, citing robust China' demand.

Crude oil edged up on bright demand outlook in China and a recent decline in the US crude oil inventories. However, an appreciation in the US Dollar and looming US debt ceiling talks limited gains of the commodity.

Brent oil drew strength from upbeat China's numbers and forecasts of stronger global demand. At the same time, an unexpected decrease in the US consumer sentiment last month and firm greenback created pressure on Brent oil futures.

Natural gas soared on combination of falling US supplies and colder weather forecasts. MDA Weather Services predicts temperatures in the US Northeast and eastern Canada to drop in the period between January 20 and January 27.

Heating oil advanced on lower temperatures in the US and low supplies. US inventories remained about 40% lower than a year earlier last week. Spurring the rally, US refinery utilization slid 1.2% last week, reaching a eight-month low.
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