By Himanshu Ojha
LONDON (Reuters) - Oil prices declined on Monday, with U.S. crude falling close to a nearly six-year low, as Saudi Arabia's new King Salman moved to assuage fears of an unstable transition and any policy change in the world's largest oil exporter.
Salman was quick to retain veteran Saudi oil minister Ali al-Naimi on Friday, in a message aimed at calming a jittery energy market following the death of King Abdullah last week.
"Oil markets will take comfort from the speed and stability of the succession process, and the announced pledge for continuity of policy," said Majid Jafar, chief executive of Crescent Petroleum, a UAE-headquartered oil and gas producer focussed on the Middle East.
March Brent crude
West Texas Intermediate (WTI) crude for March delivery
In Greece, the left-wing Syriza won a decisive victory against the ruling conservatives in Sunday's election, setting up a possible confrontation with international creditors
Brent may revisit its Jan. 13 low of $45.19 per barrel over the next four weeks, Reuters market analyst Wang Tao said.
Brent's premium to WTI
"Oil markets decoupled as WTI sank," Stephen Schork, editor of the Pennsylvania-based Schork Report, said in a note. "As of Friday we have switched our daily bias to bearish in WTI."
Money managers cut their net long U.S. crude futures and options positions in the week to Jan. 20, the U.S. Commodity Futures Trading Commission said on Friday.
In the United States, the East Coast from Philadelphia to New York City to Maine was bracing for a potentially historic blizzard on Monday.
(Additional reporting by Florence Tan in Singapore; Editing by Dale Hudson)
