- Oil fell on expectations temperatures in the US Northeast are set to moderate, decreasing heating oil demand.

At 3.27 pm, front-month Brent North Sea crude contracts for April delivery were down 88 cents to 57.26 usd per barrel. The contracts dipped 81 cents to close at 58.14 usd yesterday.

Meanwhile, front-month New York light sweet crude contracts for March delivery, which expire later today, were trading at 57.71 usd a barrel, down 1.66 usd from Friday's close. NYMEX did not issue a settlement price yesterday as US markets were closed for the Presidents Day holiday.

'Prices have pulled back significantly, particularly heating oil, as weather remains the primary focus,' said Fimat analyst Mike Fitzpatrick.