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Oil prices plummet below $60
www.chinaview.cn 2005-11-08 08:18:07

    NEW YORK, Nov. 7 (Xinhuanet) -- World crude oil prices plummeted below 60 dollars per barrel Monday as above-normal temperature prevailed across most of the northern America and the storm-battered outputs and refineries continues.

    New York's main contract, light sweet crude for delivery in December, fell 1.11 dollars to 59.47 dollars per barrel in closingdeals, after hitting an intraday low of 58.60 dollars a barrel, the lowest price for a front-month contract since July 26.

    In London, the price of Brent North Sea crude for December delivery sank 1.21 dollars to close at 58.40 dollars per barrel.

    On the New York Mercantile Exchange, December heating oil futures fell 1.01 cents to settle at 1.7861 dollars a gallon and gasoline futures dropped 4.95 cents to settle at 1.5561 dollars per gallon.

    The recovery of storm-battered outputs and refineries in the Gulf of Mexico continues. "The key continues to be weather," said Bill O'Grady, Assistant Director of Market Analysis at A.G. Edwards.

    "As long as temperatures are mild, it will act as a depressant to the market. It's just flat-out mild, there's no way around it,"he said. Enditem     

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