Oil prices held close to $58 a barrel on Thursday, underpinned by fund buying as a cold snap in the United States stoked heating fuel demand and further OPEC production cuts looked set to trim supplies.
U.S. light crude for March delivery dipped 29 cents to $57.85 a barrel by 0445 GMT, after Wednesday's $1.17 jump that took gains for the week to over 4 percent. London Brent crude slipped 24 cents to $57.16 a barrel.
Prices have rebounded strongly from a 20-month low of $49.90 seen a fortnight ago as cold weather -- albeit late in the northern winter season -- helped to draw down U.S. distillate fuel stocks for the first time in nearly two months.
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