LONDON--Brent crude-oil prices slipped slightly in Europe Monday but remained within the very tight dollar-and-a-half range of the previous two weeks. Brent crude for January delivery fell 28 cents to $111.33 a barrel on ICE Futures Europe. U.S. crude-oil futures were up 23 cents at $97.88 a barrel on the New York Mercantile Exchange. China, a main driver of oil demand, reported a 19% month-on-month increase in oil imports for November albeit against a very weak October. Year-to-date, the country has imported 3.2% more oil than in 2012. Later in the week reports from the International Energy Agency and the Organization of the Petroleum Exporting Countries will shed some light on how much supply is meeting that demand. General consensus is that the market is well supplied, with some describing it as over supplied. With a quiet week ahead in terms of economic data releases, the Brent contract is expected to trade on fundamentals and fluctuations in the U.S. dollar. For Nymex WTI, which had a stellar gain in the previous week, the focus will be on stockpile reports due Tuesday and Wednesday. WTI gained after a stronger-than-expected U.S. jobs report was well-received Friday, despite the fact that stronger U.S. growth could prompt the Federal Reserve to scale back its economic stimulus program sooner rather than later. Easy-money policies in the U.S.--the world's largest crude consumer--have helped buoy demand in recent years. A monthly policy meeting by the Fed next week could provide further clues as to the future of the central bank's stimulus efforts. Recently the ICE's gasoil contract for December delivery was up $2.25 at $943.00 a metric ton, while Nymex gasoline for January delivery was up 55 points at $2.7324 a gallon.

Source