Oil prices below $56 after plunge on mild weather

LONDON: Oil held below $56 a barrel on Friday after falling by nearly 9% in the past two days because of mild weather and rising US fuel inventories.

Mild weather in the US Northeast, the world’s top heating oil market, has curbed heating fuel demand and knocked prices to their lowest in 18 months.

Concern about a US economic slowdown has also triggered losses. US crude was down 12 cents to $55.47 a barrel.