SINGAPORE - Oil prices steadied yesterday, after sharp losses late last week as forecasts for warmer weather in the United States and high crude stockpiles in the world's biggest energy consumer pressured the market.
US January light crude rose 6USc to US$58.12 a barrel, after slumping US$1.93 on Friday. London February Brent crude edged 1c lower to US$57.12 a barrel, after losing US$2.27 on Friday.
"The weather and the high crude inventory levels are the main factors weighing down prices. This trend should carry on until the end of the year, with prices to hold between US$55 and US$58," said Tetsu Emori, Mitsui Bussan Futures' chief commodities strategist.
US prices had risen to a one-month peak of US$61.90 earlier last week following a bout of colder weather in the US northeast.
But the US National Weather Service has predicted much of the country would experience warmer-than-normal temperatures from January to March.
The country's crude oil stockpile is around 13 per cent above last year's levels, according to a US Government report last week.
- REUTERS
Oil price steadies after big slump
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