* Dollar-index slides to three-month low of 76.812
* High oil prices likely to keep Fed policy loose
* Expectations of a hawkish ECB supports euro (Adds quote, detail, updates prices)
By Neal Armstrong
LONDON, Feb 28 (Reuters) - The dollar fell to three-month lows on Monday on expectations that the threat to growth from high oil prices would keep U.S. monetary policy loose, contrasting with a more hawkish outlook elsewhere.
The dollar index, which tracks the greenback's performance against a basket of major currencies, skidded to 76.812, its lowest level since November 9. The euro accounts for over half of the basket.
Traders said the move below the February trough of 76.881 had triggered fresh-selling by "model" accounts, which are based on computer-generated trading recommendations.
The U.S. unit has been hit hard by rising oil prices as investors fret the U.S. economy will suffer more than others, given its strong reliance on consumer spending for growth.
Prices rose more than $1 per barrel on Monday as protests in Oman fuelled wider concern about security of supply from the Middle East after uprisings in Libya dramatically reduced exports from North Africa.
"Rising oil prices help to widen the perceived policy divergence between the Fed and other major central banks," said Lee Hardman, currency analyst at BTM-UFJ
"The ECB sees rising crude as an upside risk to inflation rather than the Fed's view that it will be negative for growth. This is increasing the risks of a near-term overshoot for the euro."
The euro rose around 0.6 percent versus the dollar at $1.3845, a four-week high. Technical analysts said a break of the euro's year-to-date high at $1.3862 was needed for added momentum.
Traders said a UK clearer was a heavy buyer of euros through the morning, while offers were cited ahead of an option barrier at $1.3850.
The euro was susceptible to profit-taking as the latest data showed currency speculators had boosted bets in favour of the euro to the highest since October in the week ended Feb. 22.
But expectations that the European Central Bank at its meeting on Thursday may signal its willingness to raise rates were supporting the euro, after a series of ECB policymakers have sounded a hawkish tone in recent weeks.
FED EYES GROWTH
Final euro zone inflation data for January came in slightly softer than the estimate at 2.3 percent year-on-year but that did little to dent the euro.
"The fact remains that euro zone consumer price inflation is still at a 27-month high and set to rise further in the near term due to the spike in oil prices as well as elevated commodity and food prices," said Howard Archer, chief European economist at IHS Global Insight.
In contrast, Fed officials are keeping an eye on growth and have set a high bar for tweaking their $600 billion bond buying program. Financial markets will look to congressional testimony by Fed Chairman Ben Bernanke this week to try to discern the current state of debate within the central bank.
"The dollar is likely to stay weak for now as investors expecting central banks to hike rates in response to higher oil prices favour the euro, pound and Swedish krona," said UBS fx analysts in a note.
The dollar was down 0.2 percent against the Swiss franc at 0.9265 francs, near a record low of 0.9229 hit on EBS last week.
The dollar was steady at 81.74 yen, with traders reporting a layer of strong bids down to 81.00 cushioning the pair.
(Editing by Patrick Graham)