Oil Eased After Heavy Losses

World oil prices eased on Monday after heavy losses last week, as traders focused on forecasts of warmer weather across the northern hemisphere, particularly in the United States.

The January crude contract settled down 72 cents at $57.34 a barrel on the New York Mercantile Exchange.

In London, Brent North Sea crude for February delivery shed 79 cents to $56.34 per barrel in electronic trading.

Crude futures had fallen on Friday after long-range forecasts from the US National Weather Service showed above-average temperatures in most of the United States from January to March.