Oil prices flat under $59

Hindustan Times, New Delhi
Oil prices were steady on Thursday after falling more than $2 a barrel overnight as traders took positions ahead of the release of US fuel inventory data expected to show the first increase in six weeks. Light, sweet crude for February delivery added 2 cents to $58.34 a barrel in Asian electronic trading on the New York Mercantile Exchange. On Wednesday, the contract plunged $2.73 to $58.32 a barrel, the lowest settlement for a front-month contract since November 17, as persistent mild winter weather in the United States led traders to bet on lag- ging demand for heating fuels. It was the biggest one-day dollar drop since August 17, 2005.