Oil prices slips below $56 a barrel amid expectations of

Oil prices briefly slipped below US$56 a
barrel on Wednesday, the lowest level in 5 1/2 months, as
warm weather persisted throughout the U.S. Northeast amid
expectations that U.S. oil reserves are sufficient for
increased demand this winter, AP reported.
Light, sweet crude for January delivery slipped 13 cents
to US$56.37 a barrel on the New York Mercantile Exchange in
Asian electronic trading, late afternoon in Singapore.
Prices touched a low of US$55.72 _ a level not seen for a
front-month contract since June 13.
In London, January Brent crude futures on the ICE Futures
exchange fell 5 cents to US$54.27 a barrel.
Heating oil rose marginally to US$1.61 a gallon (3.8
liters) while gasoline was flat at US$1.3951 a gallon.
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1303 Local Time
1003 GMT