Crude Oil Prices Plummet Below 60 Dollars in New York

Crude oil prices plummet below 60 dollars in New York

NEW YORK, Oct. 31 (Xinhua) — Crude oil prices plummeted below 60 dollars a barrel on Monday for the first time in three months amid concerns that warmer-than-normal weather in eastern US may cut heating oil consumption.

New York’s main contract, light sweet crude for delivery in December, shed 1.46 dollars to end at 59.76 dollars a barrel, the lowest since July 27.

In London, the price of Brent North Sea crude for December delivery slipped 1.32 dollars to 58.10 dollars per barrel.

On the New York Mercantile Exchange, November heating oil futures dropped 7.37 cents to 1.7698 dollars per gallon, while November gasoline futures fell nearly 10 cents to 1.5261 dollars per gallon. According the weather forecasts, the Northeast and Midwest is basking in unseasonably temperate weather, denting demand for heating oil. The US Minerals Management Service said Monday 68 percent of daily oil production and 54 percent of natural-gas production in the Gulf of Mexico remained off-line.

On the international news, the Organization of Petroleum Exporting Countries said it has more than adequate spare capacity to cover expected global demand this winter.