Oil falls toward $82

Oil prices fell on Monday, after early rising to a fresh 15-month high, as the promise of milder weather in the United States took some steam out of the market. Weather forecasters said on Monday that the worst of the cold spell, which swept across the United States and helped support energy prices over the last two weeks, was nearly over.
US crude for February delivery fell 57 cents to $82.18 a barrel by 1:06 pm EST (1806 GMT), off an earlier peak of $83.95, the highest price since October 2008. London Brent crude fell 72 cents to $80.65. "Cold weather forecasts showing temperatures moderating later this week has taken the heat off the crude market," said Phil Flynn, analyst at PFGBest Research in Chicago.
"The market appears pretty heavy and couldn't take out $84 and so we're seeing some selling at this point." Crude was earlier supported by data showing China's crude oil imports surged by nearly 25 percent in December. China, the world's second-largest energy consumer, imported over 20 million tonnes of crude for the first time ever in December, up almost a quarter from November, according to Customs data published on Sunday.
US equities paused on Monday after a week of gains as nervous investors braced for the start of earnings reporting on Monday. A weaker dollar had provided early support. A weaker US currency makes commodities priced against the dollar, like oil, cheaper for those holding other currencies. Tensions in Nigeria's main oil-producing region have removed some supplies from the market, supporting prices, and traders will be watching carefully for further developments.
Chevron said on Saturday it had been forced to shut down 20,000 barrels per day (bpd) of crude oil production in Nigeria, a day after security sources said gunmen had attacked a pipeline operated by the US firm. Saudi Arabia, the world's top oil exporter, will keep crude supply to major Asian and European buyers largely steady in February, as the kingdom sticks to Opec supply cuts, industry sources said on Monday.