AFP - Oil firmed in Asian trade Thursday 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 20 cents to 74.72 dollars a barrel.
Brent North Sea crude for March delivery was up 15 cents to 72.69 dollars 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 Thursday as European Union leaders prepared for a summit aimed at preventing the debt crisis in Greece from spreading.
Traders said investors were also waiting for the US Department of Energy's inventories report, which will be released Friday, for a clearer picture on demand.
The DoE delayed the report, usually published on Wednesday, because of the heavy snow that forced the closure of nearly all offices of the federal government in Washington as well as airports and schools.
