Oil got off to a firm start yesterday with gains of more than $1 per barrel following further sabotage at Iraqi oil facilities, forecasts of colder weather in the US northeast and expectations that the Organisation of the Petroleum Exporting Countries would cut production at its next meeting.

But profit-taking in the last two hours of London trade saw IPE Brent for February ease off a six-week high to end down 23 cents at $42.95 per barrel.