Oil prices fell back from the $60-a-barrel mark Monday as the market anticipated a supply surplus in the second quarter and following a suggestion that OPEC is unlikely to further cut production.

On Friday, prices climbed briefly above the psychological $60 barrier on unrelenting cold U.S. weather.


But light, sweet crude for March delivery was down 84 cents to $59.05 a barrel in electronic trading on the New York Mercantile Exchange by afternoon in Europe. Brent crude for March dropped $1.13 to $57.88 a barrel at London's ICE Futures exchange.