LONDON, Jan 12: World oil prices climbed back above $52 a barrel on Friday, having fallen by more than 7.0 per cent over the week owing to a drop in demand for heating fuel.

Analysts warned that the price could still fall significantly unless the Organisation of Petroleum Exporting Countries decided to cut its oil output further.

In London, the price of Brent North Sea crude for February delivery jumped 56 cents to $52.26 per barrel in electronic trading.

On Thursday, Brent had ended down $1.99 to $51.70 a barrel, the lowest close since May 31, 2005.

On Friday New York's main oil futures contract, light sweet crude for delivery in February, gained 21 cents to $52.09 per barrel in pit trading. On Thursday, it had tumbled $2.14 to end at $51.88 a barrel, the lowest close since May 27, 2005. Crude futures have slumped by 14.0 per cent since the start of 2007.

“The mild weather in America has impacted (prices) significantly”, said Adrian Jackson, an energy analyst at Investec Asset Management. The warm US winter is meanwhile taking place at a time when stockpiles of US energy products, including heating fuel, are deemed by the market to be at a high level.—AFP