Prices ease after rising close to 10 since the start of the year
Markets eye US data releases this week
Sanctions could take 700,000800,000 bpd of Russian crude off market, analysts say

Jan 14 Reuters Oil prices eased on Tuesday but remained near fourmonth highs as the impact of fresh U.S. sanctions on Russian oil remained the market39;s main focus, ahead of U.S. inflation data this week.

Brent futures slipped 53 cents, or 0.7, to 80.48 a barrel by 0746 GMT, while U.S. West Texas Intermediate WTI crude fell 44 cents, or 0.6 to 78.38 a barrel.

Prices jumped 2 on Monday after the U.S. Treasury Department on Friday imposed sanctions on Gazprom Neft and Surgutneftegas as well as 183 vessels that trade oil as part of Russia39;s socalled shadow fleet of tankers.

Headlines surrounding Russia oil sanctions have been the dominant driver for oil prices over the past week, and combined with resilient U.S. economic data, the tighter supplydemand dynamics have been seeing some momentum, said IG market strategist Yeap Jun Rong.

With prices rising fast and furious by close to 10 since the start of the year, it does prompt some profittaking as event risks around upcoming U.S. inflation data releases loom.

The U.S. producer price index PPI will be released later in the day, with consumer price index CPI data on Wednesday.

Any rise in core inflation greater than the forecast 0.2 on Wednesday would threaten to close the door to further Federal Reserve interest rate cuts this…