Oil prices steadied today after a slump last week against a background of weak global demand for energy and concerns about the wider economy's strength.
New York's main futures contract, light sweet crude for delivery in March, fell 29 cents to $74.25 a barrel. Brent North Sea crude for March delivery gained five cents to $72.88 in London trading.
Energy futures retreated in recent days as traders fretted over possible moves by Beijing to rein in the booming Chinese economy, which is a major consumer of oil.
The market was also dampened as US President Barack Obama unveiled plans to crack down on the US financial sector amid a fragile economic recovery.
Oil prices jumped by about 80% in 2009 as traders were heartened by evidence that the battered global economy was on the mend, with the euro zone, Japan and the US escaping a fierce recession.
