WASHINGTON (dpa-AFX) - Oil prices eased from their highest levels in weeks on Monday as investors digested mixed economic readings from China and looked ahead to the Federal Reserve's decision on interest rates for directional cues.
Concerns of supply disruptions amid U.S. sanctions on major producers Russia and Iran helped limit overall losses to some extent.
The U.S. is considering further sanctions on 'dark fleet' tankers and Chinese banks to curb Russia's oil revenue.
Benchmark Brent crude futures dipped 0.8 percent to $73.91 in European trade while WTI crude futures were down 1.5 percent at $70.19.
China's official data released today painted a mixed picture for growth in November.
Industrial production posted a faster expansion and house prices fell at slower pace, while retail sales growth softened, highlighting the need for additional stimulus to retain sustainable growth.
The Federal Open Market Committee's meeting is due on Tuesday and Wednesday, with a 25-bps rate cut already priced in by markets.
Traders will pay close attention to the updated policy statement and Fed Chair Jerome Powell's press conference for clues on future interest rates under the Trump administration.
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