World oil futures fell sharply Monday after the Organization of the Petroleum Exporting Countries lowered its forecast of oil prices.

New York's main contract, light sweet crude for delivery in January, fell 1.22 dollars to closed with 62.21 dollars per barrel.

In London, Brent North Sea crude for February delivery was down 1.36 dollars to closed with 62.13 dollars per barrel.

OPEC forecast Monday in a report that risks for oil demand appear to be more weighed on the downside, given the dangers to global economic growth emanating from a visibly weakening U.S. economy.

Meanwhile, this winter in northeast United States, the world's largest consumer of heating fuel, is warmer than normal. Moreover, the National Weather Service said the northern United States will have higher-than-average temperatures till Dec. 27. The warmer winter could boost the distillate stockpiles and weaken the fuel prices.