Oil dipped toward $62 today amid profit-taking after the previous day's surge, when a bout of chilly weather sharpened the focus on thin natural gas supplies and a forecast fall in winter fuel stocks.
US light crude lost 41 cents to $62.03 a barrel this morning after it jumped $2.12 yesterday, reversing a five-session losing streak.
The oil market was waiting for the US government to release its weekly oil inventory data later today for a clear direction on demand in the world's top energy consumer.
US fuel stocks are forecast to have fallen by 800,000 barrels in the week ended October 21st.
The cool weather in the US Northeast, the biggest heating oil consuming region in the country , is a "warning sign of colder weather ahead," said Dale Mohler, meteorologist at Pennsylvania-based AccuWeather.