Brent crude for March dropped 95 cents to US$58.06 a barrel at London's ICE Futures exchange.
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Oil Prices Dropped $60 On Supply Surplus
Oil prices fell back from the $60 mark Monday
Oil prices fell back from the US$60 a barrel mark Monday as the market looked ahead to a surplus of supply 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.
However, US light sweet crude for March delivery was down 93 cents to $58.96 a barrel in electronic trading on the New York Mercantile Exchange at midday in Europe.
Brent crude for March dropped 95 cents to US$58.06 a barrel at London's ICE Futures exchange.
Brent crude for March dropped 95 cents to US$58.06 a barrel at London's ICE Futures exchange.
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