Oil Prices Continue Slide

Petroleum futures continued to slide on the New York Mercantile Exchange on Wednesday.

Heating oil prices came under pressure from anticipation that weekly statistics on inventories would show an increase in distillate stocks, which include heating oil, analysts said.

Sellers also were encouraged by the continuing downward trend in prices, they said. Traders who follow such trends were major sellers, they said.

Crude oil has fallen $2.50 a barrel, and heating oil 7 cents a gallon since Nov. 25.

Crude oil also was under pressure from anticipation that the Organization of Petroleum Exporting Countries would be unable to regain the power it once had in controlling the oil market, analysts said.

Crude oil settled 55 cents lower to 12 cents higher with the contract for delivery in January at $28.64 a barrel; heating oil settled 1.3 cents to 1.81 cents lower with January at 84.10 cents a gallon.