Crude oil prices dipped back below $46 a barrel Monday after morning concerns that a U.S. cold spell could strain thin winter fuel supplies and that OPEC producers may cut output again drove up the price by nearly $2.

Prices for U.S. light crude were down 13 cents to $45.30 a barrel on the New York Mercantile Exchange, erasing gains that brought futures to $47.30, their highest level since Dec. 1.

Brent crude for February delivery fell 26 cents to $42.92 a barrel on the International Petroleum Exchange.