Oil prices slip
LONDON (AFP) - World oil prices fell strongly on Monday as the market awaited US stocks data later in the week, with all eyes on heating fuel inventories amid expectations of a cold winter in the northern hemisphere, dealers said.
New York’s main contract, light sweet crude for delivery in December, shed 85 cents to 60.37 dollars per barrel in electronic dealing.
In London, the price of Brent North Sea crude for December delivery dropped 71 cents to 58.71 dollars per barrel.
Traders were looking to Wednesday’s energy report from the US Department of Energy for a further reading on the supply picture in the United States, the world’s biggest energy consumer.
Distillate demand, especially for heating oil products, was set to increase going into the northern hemisphere winter.
Meanwhile market concerns persisted over whether US Gulf of Mexico refineries could produce enough products after suffering severe disruptions from hurricanes Katrina and Rita in late August and September.