Oil prices fell below $60 on Monday on forecasts of warmer weather in the US, the world’s largest oil consumer.

DTN Meteorlogix, a US weather forecaster, said late last week that temperatures in the US northeast, the world’s largest heating oil consuming region, were likely to average above normal for the next six to 10 days.

The price fall is unlikely to be enough to deter the Organisation of the Petroleum Exporting Countries from keeping their production policy unchanged when they meet on March 15 in Vienna.

April West Texas Intermediate fell 79 cents to $59.26 in electronic trade. If the WTI price closed below $60, its will be the first time since February 20. Any further declines could signal a break in the upward movement in the oil price since late January.

ICE Brent for April delivery slipped 53 cents to $60.60 a barrel in mid-morning London trading.

Gold firmed $2 to $651.30/$653.00 a troy ounce. Nickel prices touched a record high of $43,400 a tonne on the London Metal Exchange. Copper prices were also $50 higher at $6,181 a tonne on the LME, following another decline in copper stockpiles at warehouses registered with the LME.

ft.com

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