NEW YORK, Nov 22 (AFP) - US oil prices cooled Monday after spiking higher at the end of last week, but traders said market sentiment remains volatile and news-driven.
Light sweet crude oil for January delivery on the New York Mercantile Exchange (Nymex) closed down 25 cents at 48.64 dollars a barrel Monday from Friday.
In London, Brent North Sea crude oil for January delivery dropped 51 cents to 44.38 dollars a barrel.
The price drop lent the New York market some relief after crude prices soared 2.51 dollars on Friday to over 48 dollars for the first time since November 10.
"The market got a little bit ahead of itself" on Friday, explained Mike Fitzpatrick, a market analyst at Fimat.
"We're certainly behind on heating oil (stocks), but I hardly think it's reason to panic and push prices to new highs," he said, adding, however, that the market remains "very nervous."
11/22/2004 20:40 GMT - AFP