SINGAPORE - Crude oil futures slipped on Wednesday as warm weather persisted throughout the Northeast and amid expectations that U.S. oil reserves are sufficient for increased demand this winter.
Light, sweet crude for January delivery slipped 44 cents to $56.06 a barrel on the New York Mercantile Exchange in Asian electronic trading, midmorning in Singapore. Heating oil fell marginally to $1.6 a gallon while gasoline inched down 1.76 cents to $1.3870 a gallon.
But while analysts forecast expanding supplies of petroleum products used to heat homes and fuel vehicles, estimates for diminishing natural gas inventories and the harsh Midwest weather sent natural gas futures climbing.
