Updated from 2:10 a.m. EST

Crude oil prices fell sharply again Tuesday, after a one-day bounce Monday amid a deep correction.

The January futures contract closed down $1.52 in Nymex floor trading to $41.46 a barrel, a three-month low. Prices rose 1% Monday, having suffered a 14% skid last week. Prices are down about 25% since touching a record closing high of $55.17 in late October.

The latest decline comes as traders await the release of closely watched inventory data Wednesday, with unseasonably warm weather hanging over the Northeast. That and ample supplies have eased concerns about supplies of heating oil ahead of the peak-demand period during the winter season.

Traders also are looking for hints from OPEC ahead of the cartel's meeting in Cairo on Friday. Some members have suggested the cartel should take steps to support prices given their recent correction. OPEC raised its production ceiling three times since July, adding 2.5 million barrels to the global mix, to cool price gains when the benchmark crude was hitting record highs on a record basis during the spring and summer.