Crude prices remain above $82 a barrel as confidence about rising global oil demand offset predictions of milder weather conditions.
For February delivery, oil prices in the US fell by 34¢ to $82.18 per barrel at 8:14am GMT, while London Brent crude fell by 32¢ to $80.65 a barrel, according to Reuters.
The US Energy Information Administration and officials from Saudi Arabia and Kuwait have forecast that global oil demand will continue to increase in 2010.
A cold snap across the US has drawn down the country’s distillates and heating oil stocks.
The National Weather Service said that demand for US heating oil is expected to be normal this week, following a 12% rise above seasonal levels last week.