March 13, 2007	Tuesday	Safar 23, 1428

LONDON, March 12: World crude oil prices fell further on Monday as traders' attention turned to this week's Opec cartel output meeting and forecasts of warmer weather in the United States.

The price of Brent North Sea crude for April delivery shed 42 cents to $60.71 per barrel in electronic deals.

New York's main oil futures contract, light sweet crude for delivery in April, sank 90 cents to $59.15 per barrel in floor trading.

Crude futures had slumped on Friday as traders booked profits ahead of this Thursday's production meeting of the Opec.

“We saw quite a downside (to prices) on Friday and I think it seems (on Monday) to be a continuation of that trend,” said Energy Information Centre analyst Veronica Smart.

Monday's price falls also came amid forecasts of above average temperatures in the United States for this week.

Forecaster AccuWeather.com said that southwest winds would likely warm the US northeast, which is the world's largest heating oil market.

“It is warm and it is going to be very warm indeed across much of North America this week,” wrote Dennis Gartman, editor of The Gartman Letter, in a daily trading note. He added that for now the market was focused on Opec's meeting in Vienna.

The powerful cartel, satisfied with the current price of crude oil, was widely expected on Thursday to maintain its official production quota at 25.8 million barrels per day.

Smart added: “The majority of Opec members said that they do not need to take any action in the market particularly because prices are near $60.

Opec moved to slash production after crude prices had tumbled from record highs above $78 per barrel in mid-2006 to about $60 by the time of last October's output decision. —AFP