World crude prices eased owing to warmer-than-normal temperatures in the US
World crude prices have dropped under $62 owing to warmer-than-normal temperatures in the United States, but an expected cut in output by OPEC later this week limited losses.
New York's main contract, light sweet crude for delivery in January, fell by 45 cents to $61.58 per barrel in electronic deals before the official opening of the US market Monday.
London's Brent North Sea crude for January delivery dropped 30 cents to $61.90 in electronic trading.
"Oil prices ease on forecasts for warmer weather in the US," Barclays Capital analyst Kevin Norrish said.