Weather forecasts in New York for the next week are for above-normal temperatures for the time of year, easing market concern about heating oil stocks meeting cold weather demand.
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Oil Eases Silently, Demand Is Under Control
Oil prices slid a more than $1 to a three-month low on Tuesday
Oil prices slid a more than $1 to a three-month low on Tuesday as warmer US weather decreased demand in the heavy energy consuming US northeast.
US light crude dropped $1.38 at $41.60 on the NYMEX, the first time below $42 since August 31. London Brent crude fell US$1.25 to US$38.40 a barrel on the IPE.
The market ignored OPEC?s calls to suppress overproduction, and continued outages in oil production in the North Sea and Nigeria.
Weather forecasts in New York for the next week are for above-normal temperatures for the time of year, easing market concern about heating oil stocks meeting cold weather demand.
Weather forecasts in New York for the next week are for above-normal temperatures for the time of year, easing market concern about heating oil stocks meeting cold weather demand.
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