Oil held steady below $79 on Tuesday, after hitting a five-week high a day earlier, as the firm dollar offset colder US weather and expectations of a further drawdown in crude inventories. The dollar held firm near a two-month high against the yen as investors looked ahead to the greenback's direction in the New Year after a rally this month.
US crude for February delivery fell 5 cents to $78.72 a barrel by 0726 GMT in thin pre-holiday trade. It settled up 72 cents on Monday, after touching $79.12, the highest since November 23. Heating oil futures led gains in the oil complex as forecasters called for colder weather in the United States, the world's largest energy consumer. London Brent crude for February rose 14 cents to $77.46.
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