Crude oil down on weather predictions, OPEC news

Crude oil prices were down Monday ahead of Thursday’s scheduled meeting of the Organization of Oil Exporting Countries in Vienna. Most analysts expect that OPEC will not announce any new production cuts. Also helping prices lower were weather predictions that say temperatures will be above normal for the next week or two in the key Northeast US, where the majority of the heating oil in the United States is consumed.

At one point in late morning trade, West Texas Intermediate crude for April delivery was $1.18 lower to $58.87 per barrel on the New York Mercantile Exchange. Meanwhile, at late afternoon in London, April contracts for Brent crude had lost 38 cents to $60.75 per barrel. With April contracts for Brent expiring at the end of the session on Thursday, May contracts came into focus, falling 61 cents to $61.09 per barrel.

Nymex heating oil was down 3 cents to $1.6834 per gallon in late morning trade, while Nymex gasoline was also down by about the same amount to $1.8746 per gallon. Natural gas prices fell by more than 15 cents to $6.93 per 1,000 cubic feet.