WASHINGTON (dpa-AFX) - Oil prices eased from near three-month highs on Monday as the dollar strengthened ahead of a busy week for U.S. economic data, including the release of minutes from the Fed's last meeting due Wednesday and the December payrolls report due on Friday.
Benchmark Brent crude futures dipped 0.4 percent to $76.17 a barrel in European trade while WTI crude futures were down half a percent at $73.62.
The downside remained capped after top oil exporter Saudi Arabia raised prices for Asian buyers for the first time in three months.
The dollar stayed closed to a two-year peak, making oil more expensive for holders of other currencies.
Traders are closely monitoring the impact of colder weather across much of the northern hemisphere, particularly the U.S., which had helped lift benchmarks to the highest level since mid-October.
As a winter storm barrels down on the country, more than 60 million Americans across 30 states could face the coldest temperatures and heaviest snowfall since 2011.
'Widespread temperatures 12-25 degrees Fahrenheit below typical early-January values are projected to expand across much of the central and eastern United States,' said AccuWeather.
The winter storm also caused widespread disruption across the Germany and the U.K. Investors are also bracing for policy shifts under the Trump administration, with stricter sanctions on Iran expected to significantly impact global oil supply.
Elsewhere, additional economic stimulus from China is expected to underpin fuel demand in the world's largest crude importer. There were reports that the People's Bank of China will issue the largest-ever offshore yuan bonds in Hong Kong this month.
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