Reply #4: Oil Prices Slump Despite Cold Weather [View All]

SINGAPORE - Oil prices fell Friday as traders shrugged off snowstorms and icy weather in the United States to lock in profits ahead of the weekend.

-cut-

Crude futures have posted losses in the past two days since the U.S. government reported increases in domestic crude stockpiles, raising expectations that U.S. fuel supplies will meet peak winter heating demand and prompting a sell-off.

The market also seemed unfazed by data showing U.S. stocks of distillate fuels, which include heating oil and diesel, slipped 100,000 barrels to 130.5 million barrels.

The declines in crude and heating oil prices came even as the U.S. Northeast, the world's largest market for that distillate, braced itself for a brutal snow and ice storm likely to increase demand for winter fuel.

more...