Update: Oil Down 3 Percent as Winter Stays Mild

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Oil prices slid 3 percent on Monday, the first trading day of 2005, on expectations that more mild U.S. weather at the start of the New Year will limit heating oil demand.


Oil futures on the New York Mercantile Exchange settled down $1.33 to $42.12 a barrel after hitting a low of $41.25 during the open-call session. NYMEX heating oil settled down 6.04 cents to $1.1922 a gallon after hitting a four-month low of $1.1680 a gallon.


London’s International Petroleum Exchange was closed for a bank holiday and will reopen on Tuesday.


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