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Oil Prices Down $3
Oil futures trading has begun after the New Year's break with a sharp fall in prices. Analysts associate the price change with the warm weather on the East Coast of the United States. The cost of a barrel of Texas Light Sweet fell by $2.73 (4.5%) to $58.32. The is the steepest fall since August 17, 2005, when the price of Light Sweet dropped $2.83.
Trading stopped for two days on the NYMEX. Traders celebrated the New Year on Monday and the exchange was closed on January 2 to mourn the death of former U.S. president Gerald Ford.
In London on January 2, the price of a barrel of North Sea Brent fell by $2.48 to $57.96.
Analysts suggest that, since the war weather is expected to remain in the American East for the entire month, oil pries in the U.S. will not rise. It is also possible that the price of a barrel of Light Sweet will fall below $55.81 – the low mark for the last year and a half, which occurred in mid-November of last year.
www.kommersant.com
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