Oil prices dip as temperatures in USA are set to rise along with inventories

Crude oil prices dipped below US$ 48 in anticipation of warmer temperatures in the United States (easing potential pressures on supply), along with a rise in US fuel stocks. New York's main contract, light sweet crude for delivery in February, dropped to US$47.55 a barrel, down from Tuesday's levels of US$49.50. In London, the price of Brent North Sea crude oil for delivery in March fell to US$44.71 a barrel, having reached as high as US$46.35 cents on Tuesday. The Department of Energy report, which came out after the market close, showed US crude oil inventories up 3.4 million barrels over the past week, well above market expectations. A survey by the American Petroleum Institute indicated that crude inventories for the week ended January 14 rose by six million barrels.