Oil prices gave up some of their gains this evening after hitting a fresh 15-month high, as the promise of milder weather in the US took some steam out of the market.
Weather forecasters said the worst of the cold spell, which swept across the US and helped support energy prices over the last two weeks, was nearly over.
US crude rose seven cents to $82.82 a barrel, off an earlier peak of $83.95, the highest price since October 2008. London Brent crude fell nine cents to $81.28.
Crude was earlier lifted by data showing that China's crude oil imports surged by nearly 25% in December. China, the world's second-largest energy consumer, imported over 20 million tonnes of crude for the first time in December, up almost a quarter from November.
