Reply #3: Oil Prices Slide on Jump in Crude Stocks [View All]

[ozymandius]

VIENNA, Austria - Oil prices slipped Thursday after the U.S. government said domestic stocks of crude rose, easing concerns of inadequate supply going into the peak demand Northern Hemisphere winter.

Heating oil stocks fell but less than expected, also contributing to the slight downward movement. But with more cold weather on the way, analysts suggested prices could rise soon.

Light, sweet crude for January delivery was down 43 cents to $60.42 a barrel in electronic trading on the New York Mercantile Exchange by midday in Europe. January Brent on the ICE Futures exchange in London fell 24 cents to $59.36 a barrel.

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U.S. stocks of distillate fuels, which include heating oil and diesel, slipped 100,000 barrels to 130.5 million barrels. Distillate inventories remain 5.2 percent above year-ago levels.

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