LONDON, Nov 7: World oil prices slid lower on Tuesday amid forecasts of mild weather and an increase of crude stocks in the United States.

Traders who were gearing up for Wednesday’s weekly snapshot of energy stockpiles from the US Department of Energy also tracked developments in Nigeria, Africa’s biggest crude producer.

New York’s main contract, light sweet crude for delivery in December, shed 22 cents to $59.80 per barrel in pit trading on Tuesday.

In London, Brent North Sea crude for December delivery gave up 44 cents to $59.31 per barrel in electronic deals.

According to the latest weather forecast from the US national weather service, temperatures are expected to remain above average in the northeastern United States until at least November 16, which would ease demand for heating fuel.

Meanwhile, analysts expected the Department of Energy figures to show that crude oil stocks had grown by 775,000 barrels during the week ending November 3, even as reserves had grown by 4.6 per cent in a year.

Distillate stocks were expected to fall by 800,000 barrels but the warmer US weather should allow them to bounce back in the coming weeks.

Earlier on Tuesday, crude futures had traded lower on profit-taking following gains the previous day which were sparked by fresh unrest in Nigeria.

Saudi Arabia oil minister Ali al-Naimi had also indicated on Monday that Opec could cut output further at its meeting in December, comments that were echoed by Iran and Qatar on Tuesday.

Crude futures are currently holding around the $60-mark, however. On Monday, they hit a 10-day high in New York and a one-week peak in London after fresh unrest in key producer Nigeria.

Rebels forced the closure on Monday of more facilities in the oil-rich Niger Delta region of Opec member Nigeria.—AFP