Oil Prices Hold Firm

Oil prices nearly did not stir a foot on Monday, triggered by storms in the oil-producing U.S. Gulf of Mexico and strong Chinese currency.

U.S. light, sweet crude eased 1 cent to $58.64 a barrel in Asian trade.
In London Brent crude contract inched 18 cents down to $57.40 a barrel.

Prices rose last week as dealers opted to cover short positions ahead of the weekend, fearing a fresh tropical storm might disrupt supplies in the Gulf of Mexico, home to a quarter of U.S. production and nearly all of Mexico's output.