Oil

Oil dips on falling demand ahead of warmer US weatherLONDON (AFX) - Oil dipped as US demand looked set to fall as temperatures become warmer. Short covering ahead of Presidents' Day (today) lifted prices Friday, so this morning's fall "could be a little profit taking," said Calyon analyst, Mike Wittner.At 9.22 am, front-month Brent North Sea crude contracts for April delivery were down 19 cents to 58.76 usd per barrel. On Friday, oil rose 1.35 usd to close at 58.95 usd.Meanwhile, front-month New York light sweet crude contracts for March delivery were down 36 cents to 59 usd a barrel, after gaining 1.40 usd to close at 59.39 usd on Friday.Since the beginning of this year prices had been under downward pressure as the US enjoyed a milder winter. In the middle of January oil briefly slumped below the critical 50 usd level in New York. A cold snap followed, pulling oil back to levels in the 55 - 60 usd range. But the cold snap seems to be slowly coming to an end."The market has had a lot of support because of the cold weather," said Wittner. "But, that support is going to be coming to an end sooner or later," he added.