Oil prices slip to $60

Singapore, November 7:

Crude futures fell today to just above $60 a barrel with warmer-than-usual weather across much of the United States easing concerns about winter heating fuel demend. Mid-afternoon in Singapore, light, sweet crude for December delivery fell to $60.19 a barrel in Asian electronic trading on the New York Mercantile Exchange. The contract lost $1.20 to settle at $60.58 a barrel on Friday. December Brent crude futures in London’s ICE Futures exchange fell to $59.12 a barrel.

Analysts attributed the slip in crude futures to expectations the winter season in the US won’t start until later this month. The US Northeast is the world’s largest heating oil market.

“The calendar may say November, but it feels more like September across a broad section of the country,” a weather report on Accuweather.com said yesterday, predicting temperatures today in the novthern half of the US would reach highs of 10-16 degrees Celsius.