Update: Oil Prices Lower Amid U.S. Weather Forecast

0

Oil prices plunged more than 6 percent on Monday as forecasts of a return to unseasonably mild winter weather eased fears that thin heating fuel stockpiles could prove inadequate and investors reacted to the softer prices registered by the London exchange last Friday.


U.S. light crude futures fell $2.86, or 6.47 percent, to $41.32 a barrel, after sinking as low as $41.20. The losses were led by heating oil futures, which fell 8.7 percent to $121.08 a gallon.


Despite falling by more than $3 over the past five sessions, oil prices are still up nearly 32 percent from the start of the year, bolstered by strong demand and refinery and production bottlenecks.

No posts to display