Brent oil climbed last week despite rising Saudi Arabia's output

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Source: Dukascopy Bank SA
Energy futures moved higher last week on upbeat China's data and a decline in the US inventories. On Monday, US markets were closed for the Martin Luther King Jr. holiday. Adding to the positive mood of the commodity group, the International Energy Agency revised upward its global demand forecast for this year by 240,000 barrels per day, citing strong demand from China.

Crude oil advanced amid a drop in US stockpiles and hopes for robust global demand. Upbeat China's data also lifted the commodity. However, worries about the US debt ceiling dispute capped gains.

Brent oil climbed despite speculation that global supplies may have jumped too fast in the recent months due to an increase in Saudi Arabia drilling to compensate any shortages caused by Iranian oil embargo.

Natural gas was the top-performer as US inventories declined more than expected in the week ended January 13. Colder weather forecasts boosted heating fuel demand potential, spurring rally of natural gas futures.

Heating oil climbed amid colder temperatures in the US and low inventory levels. US inventories remained about 40% lower than a year earlier last week.
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