Oil stays well bid on cold weather AFX

Oil stays well bid on cold weather, fresh Iranian tensions LONDON (AFX) - Oil stayed close to three-week highs above 55 usd a barrel as more freezing temperatures in the US Northeast seemed likely and as political tensions in Iran re-emerged.Global Insight senior energy analyst Simon Wardell said while the supportive factors continue to prop up prices, further gains may be hard to come by."We've reached a level where its simply not sustaining itself, we'll probably see prices between the 50 and 55 usd level for a while," he said. At 10.20 am in London, front-month Brent North Sea crude contracts for March delivery were down 16 cents at 55.13 usd a barrel, after rising 1.17 usd to settle at 55.29 usd on Friday.Meanwhile, front-month New York light sweet crude contracts for March delivery dropped 14 cents to 55.25 usd a barrel, after rising 1.19 usd to close at 55.42 usd on Friday.