Oil prices dropped below $64 a barrel Monday, as traders took profits from last week’s surging prices and focused on warm weather in the United States, which is dampening demand for heating oil.
Light, sweet crude for February delivery on the New York Mercantile Exchange fell 71 cents to $63.50 a barrel by late morning trading Monday. The contract had gained $1.42 on Friday. Brent crude dropped 57 cents to $62.15 on the ICE Futures exchange in London.
