Oil retreats from multi-week highs as Fed meeting awaited

Oil futures retreated from multi-week highs as investors awaited a Federal Reserve meeting later this week for clues on the future direction of interest rates.

The decline was limited by concerns about supply disruptions if the United States imposes more sanctions on key suppliers Russia and Iran.

Brent crude futures were down 21 cents, or 0.3%, at $74.28 a barrel by 0110 GMT, after settling at their highest since Nov. 22 on Friday.

U.S. West Texas Intermediate (WTI) crude fell 30 cents, or 0.4%, to $70.99 a barrel, after hitting its highest settlement since Nov. 7 in the previous session.