NYMEX crude for February delivery was down 69 cents at $78.33 a barrel, after settling up $1.02 from Friday's settlement on the back of strong gains on Wall Street.
The February contract, which expires at the end of trading today, stood some $5 below a 15-month high of $83.95 a barrel hit on January 11.
Oil inventories remain high enough to cope with any rise in winter fuel use, OPEC said in a monthly report, which trimmed estimated 2010 demand for OPEC oil. OPEC left its forecast for 2010 global oil demand growth unchanged.
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