Mild weather in the US, with forecasts calling for more mild weather through the remainder of December, has caused oil prices to retreat from highs reached last week. However, blasts at two oil-company facilities in southern Nigeria, kept prices above US$62 a barrel. Light sweet crude for January delivery fell US$1.22 to settle at US$62.21 on the New York Mercantile Exchange and February Brent on London's ICE Futures exchange settle at US$62.13 a barrel.
Prices had risen steadily last week on renewed supply concerns as U.S. inventories fell and after the Organization of Petroleum Exporting Countries decided to cut output in February.
19-Dec-06 
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