Oil retreated from a one-month high above $59 on Monday after Nigerian unions suspended a strike in Africa's biggest producer but forecasts for a blast of cold weather in top consumer the United States limited the drop, Reuters reports.
U.S. crude oil rose to a fresh one-month peak of $59.36 a barrel in early trade. At 1222 GMT it was 29 cents down at $58.73. London Brent crude fell 33 cents to $58.08.
"The ongoing cold weather in the U.S. is still the biggest upside factor at the moment. We're finally seeing a more normal climate in the Northeast so that will increase consumption in heating oil and hopefully result in lower inventory numbers," said Andrew Harrington, an analyst at ANZ Bank.
Prices surged $3.60, or 6.5 percent last week. They jumped $1.72 on Friday alone.
Forecasters said temperatures in the northeastern United States were expected to average below to much below normal for the next six to 10 days.