JANUARY 25: Crude was lower in Asia on Tuesday, slipping with heating oil prices as the US cold weather abated. March New York Mercantile Exchange (Nymex) crude futures were last traded at $27.48 per barrel by 0830 GMT, down 35 cents from New York. The contract fell 37 cents in New York.After jumping to nine-year highs of $29.95 per barrel last week, crude has fallen this week in sympathy with a weaker heating oil market after milder weather in the US. Northeast, the world's biggest heating oil market.
Temperatures in the Northeast US were expected to be near seasonal norms on Monday and Tuesday, before dipping two to six degrees Farenheit below normal for the rest of the week. Average temperatures are expected for most of next week.
Last week temperatures fell 12-18 degrees Farenheit below seasonal averages, driving NYMEX February heating oil prices to a nine-year high of 97.74 cents per gallon on Friday and pulling crude higher. Heating oil was last traded in Asia at 85.50 per gallon, down 0.85 cent from New York.
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