PT: Oil prices strengthen above USD 74 in Asian trade
STAFF WRITER 10:11 HRS IST
Singapore, Feb 11 (AFP) Oil firmed up in Asian trade today as a weaker US dollar spurred buying in the commodity and investors waited for a closely watched report on US energy inventories.
New York's main futures contract, light sweet crude for delivery in March, rose 35 cents to USD 74.87 a barrel.
Brent North Sea crude for March delivery was up 26 cents to USD 72.80 a barrel.
"The dollar is weaker so that's pushing oil prices up," said Clarence Chu, an oil trader with Hudson Capital Energy in Singapore.
As oil is traded in US dollars, a weaker greenback makes the commodity cheaper to holders of other units, stimulating demand.
The euro regained some footing in Asian trade today as European Union leaders prepared for a summit aimed at preventing the crisis in debt-laden Greece from spreading.
The euro climbed to USD 1.3786 in Singapore morning trade from USD 1.