Oil

Oil dips as expected warmer US weather set to curb demandLONDON (AFX) - Oil edged lower as warmer weather in the US is likely to curb demand.However, supply fears from Nigerian and Iran limited falls. At 9.23 am, front-month Brent North Sea crude contracts for April delivery were down 45 cents to 57.53 usd per barrel. Oil shed 16 cents to close at 57.98 usd yesterday.Meanwhile, front-month New York light sweet crude contracts for April delivery were down 49 cent to 58.32 usd a barrel, after falling 16 cents to close at 57.07 usd yesterday. "The onset of milder weather in the US, and expectations that more is on its way, have taken the top off oil prices," said Tobin Gorey, commodity strategist at the Commonwealth Bank of Australia.Prices have been consolidating since Friday's spike which lifted oil to over 59 usd after reports of violence in Nigeria sparked supply fears.Tensions over Iran's nuclear programmes are also preventing prices from dropping further.