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Oil futures dive on mild weather

Time: 2007-01-04
City: Guangzhou
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Crude oil futures fell sharply on Wednesday, amid warmer-than-normal temperatures in the Northeast United States.

New York's main contract, light sweet crude for delivery in February, lost 2.73 U.S. dollars to close at 58.32 dollars a barrel.

In London, Brent North Sea crude for February delivery fell 2.48 dollars to settle at 57.96 dollars.

The Nymex trading floor was closed on Monday for New Year's Day and on Tuesday for a day of mourning for former President Gerald Ford.

This winter in Northeast United States, the world's largest consumer of heating fuel, is warmer than normal till now. Moreover, the National Weather Service said the northern United States will have higher-than-average temperatures in the coming days, The warmer winter could boost the distillate stockpiles and weaken the fuel prices.

Editor: Yan