Oil fell for a second day in New York on speculation that ample global stockpiles will limit the effect of cutting oil output
Crude oil fell for a second day in New York on speculation that ample global stockpiles will limit the effect of a possible OPEC production cut later this week.
Crude oil for January delivery fell as much as 35 cents, or 0.6 percent, to $61.68 a barrel in after-hours electronic trading on the New York Mercantile Exchange. It traded at $61.72 a barrel at 2:26 p.m. Singapore time. The contract earlier rose as high as $62.25.
On Dec. 8, oil fell 46 cents, or 0.7 percent, to $62.03, the lowest close since Nov. 28, on forecasts that warmer weather will move across most of the U.S., curbing demand for heating oil. Prices, which fell 2.2 percent last week, are about 0.7 percent higher than a year ago.