Brent and WTI at highest since midOctober
Biden administration plans more sanctions on Russian oil
Saudi Arabia raises February oil prices for Asia

LONDON, Jan 6 Reuters Oil prices steadied at their highest since midOctober as colder weather spurred buying while further support came from expectations of tighter sanctions on Iranian and Russian oil exports.

Brent crude futures gained 22 cents, or 0.3, to 76.73 a barrel by 1133 GMT, their highest since Oct. 14.

U.S. West Texas Intermediate crude was up 23 cents, or 0.3, at 74.19 for its highest since Oct. 11.

Oil had previously chalked up five sessions of gains, buoyed by hopes of rising demand after colder weather in the Northern Hemisphere and more fiscal stimulus to revitalise China39;s faltering economy.

Brent crude was supported by colder than normal weather in northwest Europe and the United States, a rally in natural gas prices and higher refining profit margins, said SEB analyst Bjarne Schieldrop.

Investors are also awaiting economic news for more clues on energy consumption and the U.S. Federal Reserve39;s interest rate outlook. Minutes of the Fed39;s last meeting are due on Wednesday and the December payrolls report is scheduled for Friday.

Meanwhile, Saudi Aramco, the world39;s top oil exporter, has raised crude prices in February for buyers in Asia, the first increase in three months. A rise in these prices usually indicates firmer demand expectations.

On the supply front, stronger Western sanctions…