US oil prices settled down US$1.20 to US$60.58

Crude oil and heating oil fell as warm weather in the northern U.S. reduced demand, allowing wholesalers and retailers to replenish stockpiles.

Home-heating use in the U.S. Northeast, where 80 percent of the nation's heating oil is consumed, will be 45 percent below normal through Nov. 10, said Weather Derivatives, a forecaster in Belton, Missouri. Crude oil, heating oil and gasoline surged to records as hurricanes battered the U.S. Gulf of Mexico coast in August and September, cutting output.

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Author`s name: Editorial Team