OIL

Sharp drop in crude futures opens new trading year

THE first trading day of 2005 saw a fall of more than $1 a barrel in crude futures. Yesterday light sweet crude for February delivery fell $1.41 to settle at $42.12 a barrel on the New York Mercantile Exchange.

Mild weather in the US and the failure of militants to follow up last week's attacks in Saudi Arabia prompted the fall, analysts said.

With production outages in Canada and the North Sea about to end, another extra 300,000 barrels a day is likley to become available on the market.

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