Oil prices held firm today after sharp gains late last week as cold weather forecasts for the US and Europe rattled markets nervous about tight winter supplies.
New York's main oil contract, light sweet crude for January delivery, eased 14 cents to $48.75 a barrel, while in London, Brent North Sea crude rose 28 cents to $45.17.
Prices had surged by over $2 a barrel on both markets on Friday on worries about cold fronts approaching the US and Europe, with heating oil supplies showing the effect of production problems.
Markets are expected to take their cue this week from the latest snapshot of US oil stocks, due on Wednesday.
Analysts said prices were drawing support from expectations that OPEC would soon begin to reduce its output, after opening the taps wide open in recent months to try to control rocketing prices. OPEC ministers are due to meet next in Cairo on December 10.
