Oil slipped after a weekly advance, as lingering concerns about demand in China vied with indications the US may tighten sanctions on supply from Russia.

Brent traded above $74 a barrel after rising almost 5% last week, while West Texas intermediate was near $71. China's crude refining dipped to the lowest in five months while two key economic indicators — home sales and consumer spending — also fell.

The data out of the top crude importer sent prices somewhat lower. They had earlier held steady after US Treasury Secretary said the US and its allies could consider lowering the price cap on Russian crude to further limit Moscow's ability to fund the war in Ukraine.

Crude has been caught in a tight range since mid-October, with geopolitical concerns allayed by expectations for a glut next year and a dour outlook from China. The Asian nation's regulators over the weekend vowed further action to boost the economy, adding to recent tailwinds for oil prices that include the threat of "maximum pressure" on Iran from President-elect Donald Trump's pick for national security adviser.

Elsewhere, OPEC+ member United Arab Emirates will reduce exports early next year as the producer group seeks stronger discipline in meeting production targets. Abu Dhabi National Oil Co., known as Adnoc, cut the allocation of crude cargoes for some customers in Asia.

Brent for February settlement slipped 0.4% to $74.17 a barrel at 2:54 p.m. in Singapore. WTI for January delivery declined 0.6% to $70.86 a barrel.

Source : Bloomberg