NEW YORK - Oil prices closed marginally lower on Monday, after early rising to a fresh 15-month high, as the promise of milder weather in the United States took some steam out of the market.
Weather forecasters said the worst of the cold spell, which swept across the United States and helped support energy prices over the last two weeks, was nearly over.
U.S. crude for February delivery fell 23 cents to settle at $82.52 a barrel, off an earlier peak of $83.95, the highest intraday price since October 2008.
London Brent crude fell 40 cents to settle at $80.97.
"Cold weather forecasts showing temperatures moderating later this week has taken the heat off the crude market," said Phil Flynn, analyst at PFGBest Research in Chicago.
"The market appears pretty heavy and couldn't take out $84 and so we're seeing some selling at this point."
Crude was earlier supported by data showing China's crude oil imports surged by nearly 25 percent in December.
The world's second-largest energy consumer imported over 20 million tonnes of crude for the first time ever in December, up almost a quarter from November, according to Customs data published on Sunday.
Weather forecasters said the worst of the cold spell, which swept across the United States and helped support energy prices over the last two weeks, was nearly over.
U.S. crude for February delivery fell 23 cents to settle at $82.52 a barrel, off an earlier peak of $83.95, the highest intraday price since October 2008.
London Brent crude fell 40 cents to settle at $80.97.
"Cold weather forecasts showing temperatures moderating later this week has taken the heat off the crude market," said Phil Flynn, analyst at PFGBest Research in Chicago.
"The market appears pretty heavy and couldn't take out $84 and so we're seeing some selling at this point."
Crude was earlier supported by data showing China's crude oil imports surged by nearly 25 percent in December.
The world's second-largest energy consumer imported over 20 million tonnes of crude for the first time ever in December, up almost a quarter from November, according to Customs data published on Sunday.
