Oil prices fell as milder than normal weather continued in USA, depressing demand for home-heating fuels. Light sweet crude for February delivery slipped to US$61.30 a barrel on the New York Mercantile Exchange, and in London, Brent crude futures declined to US$61.12 a barrel on the ICE Futures exchange.
Sanctions against Iran have been approved over the weekend, and are likely to raise concerns about supplies in 2007. Iran has defiantly vowed to continue uranium enrichment despite U.N. economic sanctions. OPEC also plans to reduce output by an additional 500,000 bpd beginning in February, over and above a previously announced cut of 1.2 million bpd.
27-Dec-06 
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