World oil prices fell back today after heavy losses last week, as traders focused on forecasts of warmer weather across the northern hemisphere, particularly in the US.
New York's main contract, light sweet crude for delivery in January, fell 66 cents to 57.40 dollars per barrel in pit trading, after losing $1.93 on Friday.
In London the price of Brent North Sea crude for February delivery shed 79 cents to $56.34 per barrel in electronic trading. It sank $2.27 on Friday.
Oil prices have fallen almost 20% since striking a record high of $70.85 on August 30 - a day after Hurricane Katrina
made landfall on the US Gulf Coast.
However, prices are still, 40% higher than they were at the start of 2005.
