Latest oil price drop tied to warm winter weather in U.S. and Europe

Oil prices hit 11-year lows in Asia and Europe on December 21, as a glut of crude oil and the recent global climate accord continue to depress fossil-fuel prices, reports the New York Times. The newspaper says the latest factor weighing on oil prices has been unusually warm weather in the United States and Europe, which is reducing demand for heating oil and leading to rising stockpiles of oil products. “We are probably going to see the (price) weakness run at least through January,” Richard Mallinson, an analyst at London-based Energy Aspects, told the Times. For more, read the full story.