NEW YORK (CNNMoney.com) -- Oil prices slipped Thursday, further falling from a rally sustained on a cold snap, as U.S. weather warmed up.
What prices are doing: Crude oil for February delivery fell 26 cents and settled at $79.39 a barrel.
 |
| Click chart to view other commodity prices. |
On Wednesday, prices fell $1.14 to settle at $79.65 a barrel after dropping as low as $78.39 earlier in the session.
What's driving prices: Earlier this week, oil prices jumped toward nearly $84 a barrel on increased heating demand as cold weather swept across the Northern Hemisphere, said James Cordier, president at Liberty Trading Group.
"It's not surprising that we got into the $80s on the coldest weather in a decade," Cordier said. "But now that the weather is breaking and forecast to stay relatively warm, it's going to keep prices down."
Oil's "fair price" is in the upper $70s, Cordier said, but he noted it appeared that the Organization of the Petroleum Exporting Countries was expecting prices to fall even lower.
"Production compliance from its members is only about 55% when it should be 80% or 90%," Cordier said. "For them to allow massive cheating, that means they fear oil prices are about to fall and they're trying to get their supply sold." 
| Overnight Avg Rate | Latest | Change | Last Week |
|---|---|---|---|
| 30 yr fixed | 3.80% | 3.88% | |
| 15 yr fixed | 3.20% | 3.23% | |
| 5/1 ARM | 3.84% | 3.88% | |
| 30 yr refi | 3.82% | 3.93% | |
| 15 yr refi | 3.20% | 3.23% |
Today's featured rates:
| Index | Last | Change | % Change |
|---|---|---|---|
| Dow | 32,627.97 | -234.33 | -0.71% |
| Nasdaq | 13,215.24 | 99.07 | 0.76% |
| S&P 500 | 3,913.10 | -2.36 | -0.06% |
| Treasuries | 1.73 | 0.00 | 0.12% |
| Company | Price | Change | % Change |
|---|---|---|---|
| Ford Motor Co | 8.29 | 0.05 | 0.61% |
| Advanced Micro Devic... | 54.59 | 0.70 | 1.30% |
| Cisco Systems Inc | 47.49 | -2.44 | -4.89% |
| General Electric Co | 13.00 | -0.16 | -1.22% |
| Kraft Heinz Co | 27.84 | -2.20 | -7.32% |
|
Bankrupt toy retailer tells bankruptcy court it is looking at possibly reviving the Toys 'R' Us and Babies 'R' Us brands. More |
Land O'Lakes CEO Beth Ford charts her career path, from her first job to becoming the first openly gay CEO at a Fortune 500 company in an interview with CNN's Boss Files. More |
Honda and General Motors are creating a new generation of fully autonomous vehicles. More |
In 1998, Ntsiki Biyela won a scholarship to study wine making. Now she's about to launch her own brand. More |
Whether you hedge inflation or look for a return that outpaces inflation, here's how to prepare. More |
