Light Demand Dampens Oil

Crude oil futures sank to a one-month low Wednesday as traders focused on warm weather and lower resulting heating demand.

Light, sweet crude for February delivery fell 76 cents to $60.34 a barrel in New York. Crude is refined into fuels like heating oil. On Wednesday, the contract hit a two-week low on mild weather and Iran's apparent reluctance to follow-up on its threats to slash crude exports in reaction to U.N. sanctions.

On Saturday, the U.N. Security Council voted to slap sanctions against Iran over its refusal to end its nuclear program. Under the embargo, Iran is forbidden from exporting or importing material or fuel used in nuclear development. ...