LONDON, Nov 1: Oil prices fell on Tuesday in the absence of cold weather in the United States and Europe and despite a strike at Europe’s biggest refinery, analysts said. New York’s main contract, light sweet crude for delivery in December, dropped 41 cents to $59.35 per barrel in pit trading.
The contract had closed under $60 per barrel for the first time in three months on Monday.
In London on Tuesday, the price of Brent North Sea crude for December delivery fell 24 cents to $57.86 per barrel in electronic deals.
“We’re in November now, and we still haven’t had really cold weather forecast in the US and Europe, it is still quite mild,” said Veronica Smart, an analyst at the Energy Information Centre.
Traders were meanwhile looking to Wednesday’s report from the US Department of Energy for a further reading on the US supply situation.
“If we see another draw in distillate stocks, we might see prices spike a little tomorrow, because we’re heading towards the winter and that might be a cause for concern,” Smart said.—AFP
