Oil Prices Slipped On Weather Forecast

Oil prices fell to $58 a barrel amid warm weather forecasts early this week in the U.S. Northeast, easing fears of a spike in fuel demand.

Light, sweet crude for January delivery slipped 71 cents to $58.00 a barrel on the New York Mercantile Exchange.

Crude oil reserves expanded 0.1 percent from the week before, standing at 321.8 million barrels. Those inventories are well above the upper end of the average range for this time of year, the report said.