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SINGAPORE, Nov 25 Reuters Oil prices slipped on Monday following 6 gains last week, but supply worries amid mounting tensions between Western powers and major oil producers Russia and Iran kept a floor under prices.

Brent crude futures fell 43 cents, or 0.57, to 74.74 a barrel by 0705 GMT, while U.S. West Texas Intermediate crude futures were at 70.73 a barrel, down 51 cents, or 0.73.

Both contracts last week notched their biggest weekly gains since late September to reach their highest settlement levels since Nov. 7 after Russia fired a hypersonic missile at Ukraine in a warning to the United States and Britain following strikes by Kyiv on Russia using U.S. and British weapons.

Oil prices are starting the new week with some slight cooloff as market participants await more cues from geopolitical developments and the Fed39;s policy outlook to set the tone, said Yeap Jun Rong, market strategist at IG.

Tensions between Ukraine and Russia have edged up a notch lately, leading to some pricing for the risks of a wider escalation potentially impacting oil supplies.

As both Ukraine and Russia vie to gain some leverage ahead of any upcoming negotiations under a Trump administration, the tensions may likely persist into the yearend, keeping Brent prices supported around 7080, Yeap added.

In addition, Iran reacted to a…