World oil prices fell further today with New York's main contract plunging to the lowest point for almost four months, owing to mild temperatures in the United States, where crude inventories are recovering also after recent hurricanes.
New York's main contract, light sweet crude for delivery in December, fell 40 cents to $57.40 per barrel. Earlier today it had hit $56.93, its lowest point since July 21.
In London, the price of Brent North Sea crude for December delivery shed 81 cents to $54.87 per barrel in electronic dealing.
US oil prices have lost around $3 since the start of the week, and are nearly $14 below a late August record of $70.85 touched in the wake of hurricane damage.
The market has been weakened by signs of slower oil demand growth, rising stocks and mild weather.
However, prices are still up around a third since the start of the year and some analysts say there could be a strong rally if sudden cold temperatures spur fourth quarter demand.
Oil stocks are higher than the same time a year ago in the US and Europe and the Organisation of the Petroleum Exporting Countries (OPEC) has said there were no takers for an extra two million barrels per day of crude it has volunteered if needed.
The cartel next meets on December 12 in Kuwait to reconsider its output policy.
