Oil Prices Stable on $59

Oil prices steadied on Monday after surging above $59 in the previous session on forecasts of more cold weather in the United States and concern over supply from Iran and Nigeria.

U.S. crude oil futures for rose six cents to $59.08 a barrel by 0248 GMT, extending Friday's gains which saw prices climb $1.72 to close at $59.02 a barrel.

London Brent crude gained seven cents to $58.48.

Forecasters said on Friday temperatures in the northeastern United States were expected to average below to much below normal for the next six to 10 days.

Political tension in major producers Iran and Nigeria also supported prices.