Heating oil prices lower despite cold-weather predictions

Profit-taking and doubts among speculators about the potential for crude oil price gains sent prices lower on Monday. Brent crude for March delivery dropped $1.14 to $54.15 per barrel, while March contracts for West Texas Intermediate crude on the New York Mercantile Exchange fell $1 to $54.41 per barrel.

Despite predictions of more cold weather in the Northeast United States, Nymex February heating oil prices were also down, by 1.5 cents to $1.5760 per gallon.