Oil prices fell below $60 a barrel yesterday as natural gas prices trimmed …

Oil prices fell below $ 60 a barrel yesterday as natural gas prices trimmed gains after the government said much of the United States should be warmer than normal early next year.

Natural gas prices took a breather after a cold spike brought more than 40 per cent price gains since late November. The loses came after US government said that much of the United States will be warmer than normal from January through March, which could cut demand for natural gas.

The prospect of an Opec production cut early next year, disruption to Abu Dhabi exports and expectations of strong 2006 demand growth even after the 40pc surge in prices this year kept crude from sinking further.

Source : www.gulf-daily-news.com