Oil steadied above $57 as freezing US temperatures put a floor under prices, ending a 2 per cent price slide yesterday that came in spite of a larger-than expected-decline in US heating fuel stocks.
At 11.13 am, front-month Brent North Sea crude contracts for March delivery were up 3 cents at $57.26 a barrel, after sliding $1.19 to $57.23 yesterday.
Meanwhile, front-month New York light sweet crude contracts for March delivery were down 3 cents to $57.68 a barrel, after tumbling $1.17 to close at $57.71 yesterday.
Oil prices fell yesterday even after US government data showed stocks of distillates, which include the key winter heating oil fuel, declined by a larger-than-expected 3.7 million barrels last week.
The data also showed a surprise dip in crude oil inventories.