Futures Pros – Crude oil futures jumped to a three day high on Tuesday, amid expectations of increased global demand, while the U.S. dollar weakened, boosting the investment appeal of commodities. On the New York Mercantile Exchange, light sweet crude futures for delivery in February traded at USD91.67 a barrel during European morning trade, jumping 0.70%. It earlier rose to USD91.89 a barrel, the highest price since January 13. The February crude contract is due to expire at the end of trading on Thursday. The more actively traded contract for March delivery traded at 27-month high of USD92.59 a barrel, surging 0.74%. Earlier in the day, the International Energy Agency revised up its forecast for global oil demand for 2011, raising it by an average of 1.4 million barrels a day. The agency said it now expected global oil demand to average 89.1 million barrels a day in 2011, citing stronger than expected global economic growth and increased demand from emerging markets. Also Tuesday, a report in the state-run China Securities Journal said that China's gross domestic product grew by 10.1% in 2010, compared with 9.2% in 2009. The report cited a source at China's top economic planning agency. China is the world’s second largest crude oil consumer, with the International Energy Agency forecasting that China will account for approximately 40% of global oil demand growth in 2011. Meanwhile, the dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.51% during European morning trade. A weaker dollar boosts demand for raw materials as an alternative investment and makes commodities priced in the currency less expensive for holders of other currencies. Elsewhere, natural gas for February delivery added 0.19% to trade at USD4.529 per million British thermal units, while heating oil for February delivery climbed 0.70% to trade at USD2.648 per gallon during European morning trade.

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