 Oil Stays Below $ 58
Crude oil prices were little changed up in New York after closing below $ 58 a barrel for the first time in two weeks yesterday on speculation of a forecast of mild weather in the U.S. will reduce demand for heating fuel, "Without cold weather, energy demand is likely to be lower and so crude oil prices may remain low l and adding to that Nigerian crude production increased production, adding to pressure from ample U.S. fuel stocks and doubt over OPEC's resolve for supply curbs. U.S. crude for December delivery was down 2 cents at $ 57.86 a barrel, after falling 83 cents on Thursday to take losses for the week to nearly 5 %
Royal Dutch Shell management said on Thursday it continues to produce about 47,000 barrels per day at two of its flow stations in Nigeria. One flow station remained shut after attacks, while Chevron one of the flow station reopened its facility earlier this week. Chris Mennis, owner of oil broker New Wave Energy in Aptos, California. “OPEC aren't really going to cut 1.2 million barrels'' and winter heating demand may be a month away. Oil reached $56.55 on Oct. 20, the lowest in more than 10 months. It has traded between $57.05 and $59.45 the past three days,
Supply from non-OPEC producer, Russia also fell for the second month in a row in October to 9.71 million bpd, government data showed on Thursday. Saudi Arabia and the United Arab Emirates have told their customers to expect less crude this month, but most other producers have yet to commit.  | 
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11-03-06, 05:32 AM
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