Oil prices were flat Monday on a lack of fresh news to move the market, hovering around the same price range that has held for several weeks.

Oil prices have tumbled from a July high above US$78 a barrel, trading in a range of US$57-61 over the past five weeks. On Monday, traders took profits after a price leap above US$61 the day before.

Monday's prices were down a penny to US$59.58 in midmorning Asian electronic trading on the New York Mercantile Exchange.

The market is likely still digesting a monthly report released Friday by the International Energy Agency, in which it trimmed its outlook for 2006 global oil demand growth to 1.1 percent from 1.2 percent. Demand growth for 2007 held at 1.7 percent.

The IEA also forecast a 2.6 percent jump in fourth-quarter global energy demand, citing high consumption in the United States. The agency noted U.S. consumption was being compared with figures when the impact of Hurricane Katrina and mild weather curbed demand a year ago.

The IEA said demand for oil from the Organization of Petroleum Exporting Countries was expected to rise 1.6 million barrels a day because of lower output from non-OPEC countries.

The outlook points to tighter market conditions and higher prices just as OPEC oil production cuts announced in late October are going into effect.

In other Nymex trading Monday, heating oil futures rose 0.54 cent to US$1.7020 a gallon and natural gas futures increased 1.8 cent to US$7.812 per 1,000 cubic feet.