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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: RealMuLan who wrote (20269)	1/3/2005 5:33:50 PM
From: RealMuLan	Read Replies (1) \| Respond to of 116555

Oil Prices Plunge on Mild Winter Weather Oil Prices Drop on First Trading Day of 2005 Amid Milder U.S. Winter Weather The Associated Press VIENNA, Austria Jan 3, 2005 — Crude oil futures prices fell sharply Monday on the first trading day of the new year amid milder U.S. winter weather and expectations of increased output from Canada and North Sea. Light sweet crude was down 95 cents at $42.50 a barrel in electronic trading at midafternoon in Europe ahead of the opening of the New York Mercantile Exchange. It had closed 2004 out at $43.53. London's International Petroleum Exchange was closed Monday for a public holiday. Heating oil, meanwhile, traded down more than 3 cents at $1.2220 per gallon in electronic trading on the Nymex. Despite falling more than $12 per barrel since hitting record highs in late October, the price of crude remains just under 30 percent higher compared to year-ago levels. abcnews.go.com