Oil prices were steady on Monday after a weekly gain as the U.S. signaled tighter sanctions on Russian crude and Chinese authorities vowed to shore up the country's economy.

Brent crude traded above $74 a barrel after rising nearly 5% last week, while West Texas Intermediate crude neared $71. The U.S. and its allies could consider lowering the price cap on Russian crude to further limit Moscow's ability to fund its war in Ukraine, Treasury Secretary Janet Yellen said in an interview with Reuters.

Crude has been stuck in a tight range since mid-October, with geopolitical concerns tempered by expectations of a supply glut next year and a gloomy outlook from China, the biggest importer. The Asian nation's regulator over the weekend vowed to take further action to boost the economy, adding to recent price drivers that included a threat of "maximum pressure" on Iran from President-elect Donald Trump's pick for national security adviser.

Elsewhere, OPEC+ member the United Arab Emirates will cut exports early next year as the producer group seeks to improve discipline in meeting output targets. Abu Dhabi National Oil Co., known as Adnoc, cut crude cargo allocations to some customers in Asia.

Brent for February delivery fell 0.1% to $74.40 a barrel as of 9:18 a.m. in Singapore. WTI for January delivery fell 0.3% to $71.12 a barrel.

Source: Bloomberg