Crude oil prices fell from $76 a barrel to around $74 following the easing of the dollar against the Euro and the Australian dollar.

Speculation of a quick rise in US rates by senior Federal Reserve officials contributed to the softening of the dollar, according to Reuters.

For January, US crude delivery gained 31¢ to $74.24 a barrel by 1:10am EST, while Brent crude rose 49¢ to $76.92.

NYMEX crude touched around $73.70 a barrel on Monday, the lowest level in about a week undermined by gains for the US currency.