Oil rebounded towards $58 on Monday after falling to a four-month low last week, when a big rise in U.S. crude stocks and mild weather conditions soothed some fears of a winter supply shortfall. U.S. light crude oil was trading up 32 cents at $57.85 a barrel, after hitting an intraday high of $58.10. London Brent was up 34 cents at $55.33 a barrel. U.S. prices lost five percent last week and touched $56.93 a barrel on Friday, their lowest since July. U.S. crude stocks rose 4.5 million barrels to 323.6 million barrels amid strong imports last week, government data showed, taking inventories to nearly 13 percent above last year and comfortably exceeding the average range for this time of year. Rising stocks, mild weather and signs of weakening demand growth has knocked oil $13, or 18 percent, off its late-August record high, allowing producers and consumers to breathe easier. "I think now everybody ... is more satisfied with these prices than before," OPEC President Sheikh Ahmad al-Fahd al-Sabah told Reuters at the weekend. He told reporters on Monday that OPEC had no plans to cut back production.
