In close trade as the end of the year approached, oil prices fell on Monday. Traders are waiting for economic data from China and the United States later in the week to assess growth in the world's two largest oil consumers.

Brent oil futures lost 6 cents to $74.11 per barrel at 0111 GMT, while the more active contract in March was at $73.73 per barrel, down 6 cents. American West Texas Intermediate crude fell 8 cents to $70.52 per barrel. Backed by a larger than expected reduction in U.S. crude inventories during the week ended December 20, as refiners increased activity and the holiday season boosted fuel demand, contracts rose by about 1.4% last week. Oil prices were also supported by optimism about Chinese economic growth next year, which could increase demand from the main crude oil-importing country.