Oil prices fell Monday as traders took profits after the previous session saw prices rise nearly US$2 a barrel on expectation that a late winter cold snap in the U.S. Northeast, the world's largest heating oil market, would lead to a rise in fuel demand. Light, sweet crude for March delivery dropped 15 cents to US$58.87 a barrel on the New York Mercantile Exchange mid-afternoon in Singapore. Brent crude for March delivery on the ICE Futures exchange lost 31 cents to US$58.10 a barrel. The Nymex contract on Friday rose US$1.72 to settle at US$59.02 a barrel. In other Nymex trading, heating oil prices dropped 0.44 cent to US$1.6796 a gallon (3.8 liters) while natural gas futures gained 22.4 cents to US$7.7 per 1,000 cubic feet, the Associated Press reported.
