World Oil Prices Continue to Fall

World oil prices fell further on Wednesday on forecasts of warmer US weather which could reduce demand for heating fuel.

In London, the price of Brent North Sea crude for April delivery fell 68 cents to 57.30 dollars per barrel in electronic trading.

New York's main oil futures contract, light sweet crude for delivery in April, slid 60 cents to 58.25 dollars per barrel.

Crude futures lost ground on Wednesday, "continuing to fall from the day before, with investors concerned about lower end of winter oil demand in the US," Sucden analyst Michael Davies said in London.

Prices had weakened on Tuesday as forecasters predicted warmer weather in the United States, which is the world's biggest energy consumer.

Meanwhile, the US Department of Energy's weekly snapshot of energy inventories was to be released Thursday, a day later than usual because of Monday's President's Day public holiday in the United States.