Oil rallied more than $5.50 a barrel last week on wintry weather in the US Northeast, home to about 78 per cent of American heating oil consumers.
Crude oil prices had jumped 5 percent last Friday to reach their highest level this month as colder weather spread across the eastern US. But Monday's forecasts showed that the cold snap could be a short-lived one, leading traders to take a less bullish stance on oil prices.
