Oil prices turn higher

Oil prices climbed on Monday, reversing earlier losses caused by worries over weak demand, analysts said. New York's main futures contract, light sweet crude for delivery in March, gained 30 cents to 73.19 dollars a barrel at about 1000 GMT after dipping by a similar amount during Asian trading hours. Brent North Sea crude for March rose 33 cents to 71.

79 dollars. Investors remained concerned over low demand even as the United States, the world's largest energy consumer, reported on Friday that its economy grew a much faster-than-expected 5.7 percent in the fourth quarter. Tony Nunan, a risk manager with Mitsubishi Corp, said that although US fourth economic growth was good, underlying energy demand remained weak in the world's biggest economy and stockpiles were high.

"The oil market is still concerned about the high (oil) inventories and the economic recovery," Nunan said.