Oil steady at $58 |
Oil prices steadied Monday after sharp losses late last week as forecasts for warmer weather in the United States and high crude stockpiles in the world's highest energy consumer piled pressure on the market.
US January light crude was six cents up at $58.12 a barrel, after slumping $1.93 on Friday. London February Brent crude edged one cent lower to $57.12 a barrel, after losing $2.27 on Friday.
"The weather and the high crude inventory levels are the main factors weighing down prices," said Tetsu Emori, Mitsui Bussan Futures' chief commodities strategist.