Crude prices dipped Tuesday, extending declines from a day earlier, after forecasts calling for warmer weather in the U.S. sparked a wave of selling.
Light sweet crude dropped 54 cents to $59.22 a barrel on the New York Mercantile Exchange. On Monday in New York, the contract fell $1.46 to settle at $59.76, the lowest close since July 28. Heating oil slipped nearly 3 cents to $1.7960 a gallon while gasoline dropped a cent to $1.5801. On London’s ICE Futures exchange, formerly known as the International Petroleum Exchange, December Brent futures fell 3 cents to $58.07.