* Oil slips on reports of milder U.S. weather to come
* Weak dollar, Chinese crude imports give early support
* Saudi Feb oil supply to Asia, Europe largely steady
(Updates prices, detail on U.S. equities)
By Edward McAllister
NEW YORK, Jan 11 (Reuters) - Oil prices fell on Monday,
after early rising to a fresh 15-month high, as the promise of
milder weather in the United States took some steam out of the
market.
Weather forecasters said on Monday that the worst of the
cold spell, which swept across the United States and helped
support energy prices over the last two weeks, was nearly
over.
U.S. crude for February delivery <CLc1> fell 57 cents to
$82.18 a barrel by 1:06 p.m. EST (1806 GMT), off an earlier
peak of $83.95, the highest price since October 2008.
London Brent crude <LCOc1> fell 72 cents to $80.65.
"Cold weather forecasts showing temperatures moderating
later this week has taken the heat off the crude market," said
Phil Flynn, analyst at PFGBest Research in Chicago.
"The market appears pretty heavy and couldn't take out $84
and so we're seeing some selling at this point."
Crude was earlier supported by data showing China's crude
oil imports surged by nearly 25 percent in December.
China, the world's second-largest energy consumer, imported
over 20 million tonnes of crude for the first time ever in
December, up almost a quarter from November, according to
Customs data published on Sunday. []
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Chinese crude oil imports: http://link.reuters.com/tep82h
Oil correlation with dollar, equities:
http://link.reuters.com/cup82h
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U.S. equities paused on Monday after a week of gains as
nervous investors braced for the start of earnings reporting on
Monday. []
A weaker dollar had provided early support. A weaker U.S.
currency makes commodities priced against the dollar, like oil,
cheaper for those holding other currencies. []
Tensions in Nigeria's main oil-producing region have
removed some supplies from the market, supporting prices, and
traders will be watching carefully for further developments.
Chevron <CVX.N> said on Saturday it had been forced to shut
down 20,000 barrels per day (bpd) of crude oil production in
Nigeria, a day after security sources said gunmen had attacked
a pipeline operated by the U.S. firm. []
Saudi Arabia, the world's top oil exporter, will keep crude
supply to major Asian and European buyers largely steady in
February, as the kingdom sticks to OPEC supply cuts, industry
sources said on Monday. []
(Additional reporting by Robert Gibbons and Gene Ramos in
New York, Joe Brock in London, Fayen Wong)
