Crude Oil Falls for Third Day, Closes Below $59 a Barrel

November 14, 2006 3:30 PM, EST

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rude oil futures fell for a third day on the New York Mercantile exchange, closing below $59 a barrel, Bloomberg reported Tuesday.

Warmer weather, which reduces seasonal demand for heating oil, helped drive prices down, Bloomberg said.

Crude oil fell 28 cents a barrel on Tuesday to close at $58.30 on the New York Mercantile exchange, Bloomberg reported.

In a separate story, Bloomberg quoted a report by consulting firm Cambridge Energy Research Associates that found that global oil output will not reach its peak until about 2030.

The study says that more than 3.5 trillion barrels of oil remain in the world, Bloomberg reported.