Oil off as Nigeria strike threat fades

LONDON, Feb 5 (Reuters) Oil retreated from a one-month high above on Monday after Nigerian unions suspended a strike in Africa's biggest producer but forecasts for a blast of cold weather in top consumer the United States limited the drop.

U.S. crude oil rose to a fresh one-month peak of .36 a barrel in early trade. At 0909 GMT it was 29 cents down at .74. London Brent crude fell 29 cents to .12.

''The ongoing cold weather in the U.S. is still the biggest upside factor at the moment. We're finally seeing a more normal climate in the Northeast so that will increase consumption in heating oil and hopefully result in lower inventory numbers,'' said Andrew Harrington, an analyst at ANZ Bank.

Prices surged