Warm weather sends oil price down
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The price of oil continues sliding downwards, on expectations of warmer weather ahead.
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Crude oil prices settled lower Wednesday after the US Energy Department reported a rise in oil stockpiles while warmer weather forecast further pressured on the prices.
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OIL prices fell again yesterday as forecasts of mild weather in the United States prompted traders to take profits from a rally that has added more than 30 per cent to the cost of crude this year.
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Oil prices edged further below $49 a  barrel on Tuesday as the frigid U.S. Northeast looked ahead to  warmer conditions and some traders moved to the sidelines ahead  of Iraqi elections and an OPEC meeting.
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U.S. oil prices touched a new  three-month low on Wednesday as mild winter weather in the  United States and expectations of a rise in heating fuel stocks  kept the downward pressure on the market.
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Oil prices fell a dollar on Wednesday on profit-taking despite a lingering deep freeze in the United States that was boosting demand for heating oil.
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Oil prices fell more than a dollar to a three-month low on Tuesday as mild winter weather sapped demand in the heavy energy consuming US northeast.
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Oil prices slid on Monday as a  hurricane in the Caribbean was downgraded to a tropical storm,  reducing the threat to U.S. Gulf oil facilities.
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LONDON - Oil prices have fallen after forecasts of mild US weather prompted traders to take profits from a rally that has added over 30 per cent to the cost of crude this year.
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Oil prices fell below $61 on Friday as easing U.S. supply concerns spurred a bout of profit taking.
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U.S. oil prices touched a new three-month low on Wednesday as mild winter weather in the United States and expectations of a rise in heating fuel stocks kept the downward pressure on the market.
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Crude futures fell by more $2 a barrel on Monday as traders anticipated warmer weather in the US Northeast later in the week and responded to weekend snowstorms in the US Midwest that kept motorists off the road.
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US oil prices have fallen by 5%, driven down by forecasts of a mild winter in the densely populated northeast. Light crude oil futures fell $2.25 to just below $42 a barrel on the New York Mercantile Exchange (Nymex), and have now lost $4 in five days.
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The price of crude oil falls sharply in New York, as mild weather in northern US states eases demand for heating oil.
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The price of crude oil falls by more than a dollar in New York, as mild weather in northern US states eases demand for heating oil.
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U.S. oil prices slid more than half a  dollar to below $44 a barrel on Monday as unusually mild winter  weather in the United States curtailed demand.
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Oil prices edged further below &#36;49 a barrel on Tuesday as the frigid U.S. Northeast looked ahead to warmer conditions and some traders moved to the sidelines ahead of Iraqi elections and an OPEC meeting.