Updated from 10:47 a.m. EST
Oil prices fell back under $59 per barrel Monday as traders again trained their sights on warm weather forecasts and lower energy demand.
Meteorlogix, a Minneapolis weather forecaster, expects warm temperatures this week to lower heating oil demand in the Northeast, Bloomberg reported. A drop in consumption would also boost supplies of distillates, which are currently about 11% above last year's levels.
Light sweet crude slipped $1.01 to $58.58 a barrel. Wholesale unleaded gasoline ended down 2 cents at $1.53 a gallon and heating oil lost 3 cents to $1.66 a gallon. Natural gas added 10 cents to $7.89 per million British thermal units.Oil prices have been trading in a tight band of $57 to $61 a barrel for the past six weeks as traders alternatively focused on domestic supply levels, OPEC's move to trim production this month and forecasts for lower energy demand. The latest report came out on