Mild temperatures in the US Northeast have eased oil prices to US$56 a barrel on Wednesday. This week-long a slide due to mild temperatures have arrested demand and given refiners time to top up inventories. US crude oil was down to US$56.10 a barrel, London Brent crude dipped to US$53.84.
OPEC ministers have not yet expressed concerns by the price fall and have indicated no supply cuts till a drop towards US$40. OPEC ministers are to meet in Kuwait on December 12.
A barrel of US oil has fallen a long way from its end August record of US$70.85, but it is still up by almost a third since the start of the year as the rapidly expanding economies of India and China compete for supplies.
01-Dec-05 
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