According to Reuters, SingaporeAmid a strong U.S. dollar on Monday, oil prices fell ahead of important U.S. payrolls and Federal Reserve economic statistics later in the week. 

By 0800 GMT, Brent crude futures had dropped 28 cents, or 0.4%, to $76.23 a barrel after closing Friday at its highest level since October 14.

After closing at its highest level since October 11, U.S. West Texas Intermediate crude was down 27 cents, or 0.4%, at $73.69 per barrel on Friday. 

In anticipation of increased demand after winter weather in the Northern Hemisphere and additional fiscal assistance from China to boost its flagging economy, oil registered five-session gains earlier. 

But according to a research released Monday by Priyanka Sachdeva, a senior market analyst at Phillip Nova, investors are paying attention to the dollar's strength. 

On Monday, the dollar remained near a two-year high. The greenback-priced commodity is more costly to purchase when the dollar is stronger.

In order to gain more insight into the Federal Reserve's rate forecast and energy usage, investors are also anticipating economic news. 

The December payrolls data is coming on Friday, and the Fed's most recent meeting minutes are due on Wednesday. 

For the first time in three months, Saudi Aramco (TADAWUL:2222), the largest oil exporter in the world, increased the price of crude for Asian clients in February on Monday. 

Future worries regarding oil exports from Russia and Iran are raised by the possibility of further sanctions against both producers. 

According to two people with knowledge of the situation, the Biden administration intends to target Russia's oil profits by enacting measures against ships transporting Russian crude in an effort to further punish the country for its assault on Ukraine.

Due to anticipated policy changes and stricter sanctions from the administration of incoming U.S. President Donald Trump, Goldman Sachs predicts that Iran's output and exports would decline by the second quarter. 

According to them, by the second quarter, the OPEC producer's output would decrease by 300,000 barrels per day to 3.25 million barrels per day. 

According to a weekly report released on Friday by energy services company Baker Hughes (NASDAQ:BKR), the number of oil rigs in the United States, which is a predictor of future production, dropped by one to 482. 

However, economists predict that an increase in non-OPEC supplies will substantially offset the rise in global demand, and that Trump may lead to increased production in the United States, clouding the global oil market this year.