Crude oil was trading for 57-dollars-and-35-cents in New York at midday Friday, Nov. 11, the lowest price since late July.

Forbes reported that traders were responding to inventory reports from the Energy Information Administration that showed higher supplies of natural gas than was expected.

In addition, the International Energy Agency's monthly report said that growth in the global demand for oil for the remainder of 2005 would be lower than expected.

Forbes said warmer than average weather in the Northeast and Midwest also played a factor, lowering the demand for heating oil.

In other oil news, following testimony from oil company executives before a Senate committee Wednesday, Nov. 9, Congress has urged the Federal Trade Commission to subpoena the big oil companies.

The FTC has issued dozens of subpoenas to companies such as ExxonMobil, Chevron and Conoco-Phillips as part of an investigation into possible fuel price manipulation and allegations that the industry has collaborated in order to keep refining capacity from growing and spur further price increases.

The FTC said it will issue a report of its findings to Congress by spring.