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SINGAPORE, Oct 26 (Reuters): Oil dipped toward $62 today amid mild profit-taking after the previous day's surge, when a bout of chilly weather sharpened the focus on thin natural gas supplies and a forecast fall in winter fuel stocks.
US light crude lost 36 cents to $62.08 a barrel, after it jumped $2.12 Tuesday, reversing a five-session losing streak.
London Brent crude fell 49 cents to $59.75 a barrel.
A 10 per cent spike in NYMEX November natural gas futures, triggered by severely low production after Hurricanes Katrina and Rita, may cause more US consumers and industry users to switch to heating oil or fuel oil in the coming months.
The market was waiting for the US government to release its weekly oil inventory data later Wednesday for a clear direction on demand in the world's top energy consumer.
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