Crude oil prices edge down on speculation of lower US supply

Crude oil prices fell slightly Tuesday even as the expectation of another cold snap increased traders' concerns about heating-oil supply.

On the New York Mercantile Exchange, crude oil for February delivery ended at 45.76 dollars a barrel, down 2 cents. Meanwhile, on London's International Petroleum Exchange the February Brent crude-oil futures contract settled at 42.37 dollars per barrel, down 8 cents.

On Tuesday, weather forecast showed another cold air might sweep into the United States and Canada. Worries over colder weather pressured on both traders and analysts.

Many analysts expected that supplies of distillate fuels, which included heating oil and diesel, probably fell 1.13 million barrels from 119.3 million last week. Distillate inventories in the week that ended December 10 were 8.7 percent lower than a year ago. Meanwhile, crude-oil supplies probably declined 800,000 barrels from 293.8 million the week before.

US Energy Department would release the latest data on energy inventory tomorrow.

Source: Xinhua