SEOUL, REUTERS, Jan 25, 2016-  Crude oil fell on continuing oversupply woes and profit-taking on Monday, reversing from early gains that followed a surge at the end of last week on short-covering and fuel demand triggered by freezing weather in parts of the northern hemisphere.
Brent LCOc1 lost 67 cents to $31.51 a barrel by 0816 GMT. U.S. crude CLc1 declined 58 cents to $31.61 a barrel.
Earlier on Monday, Brent had rallied to touch $32.81 a barrel, and U.S. crude hit $32.74 a barrel. Oil prices soared about 10 percent on Friday, one of the biggest daily rallies ever, as bearish traders who had taken out record short positions scrambled to close them.
A massive snowstorm that hit the U.S. East Coast over the weekend also stoked demand for heating oil, helping to push up crude prices early on Monday.