Newspaper article THE JOURNAL RECORD

Crude Prices Drop amid Warmer Weather Forecasts

Newspaper article THE JOURNAL RECORD

Crude Prices Drop amid Warmer Weather Forecasts

Article excerpt

NEW YORK (AP) -- Crude oil futures sank Tuesday on the New York Mercantile Exchange amid expectations unseasonable weather would cut demand for crude products at a time when the world remains awash in oil.

On other markets, coffee futures jumped amid concern about damage and shipping delays for Colombia's crop, while sugar futures sank anew as economic turmoil caused uncertainty about shipments from Brazil.

Crude fell as parts of the Northeast and Midwest, the nation's largest heating regions, basked in above-normal temperatures and the National Weather Service predicted things will remain that way for the next month. That likely would sharply reduce demand for heating oil and natural gas as consumers turn down their thermostats, and will leave virtually no room for a late-season cold snap to improve the demand picture. The situation comes as market participants digested word that many of the world oil producers who had agreed to cut daily output were exceeded their quotas. …

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