SINGAPORE (Commodity Online) : Global oil prices edged up slightly in Asian trade Monday as world’s second largest economy showed signs of recovery.
Light sweet crude for March delivery was seen trading at $74.29 a barrel at 11.30 a.m Singapore time while Brent crude was at $73.18 a barrel at the same time.
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Analysts said the black gold received a boost on stronger-than-expected Japanese growth data that eased concerns of energy demand while China’s tightening of its monetary policy also weighed.
The Chinese central bank on Friday ordered financial institutions to increase the amount of money they keep in reserve, as authorities seek to rein in rampant lending amid fears of asset bubbles.
On Friday, oil fell for the first time in four days, touching an intra-day low of $72.66, after China's central bank increased the percentage of cash banks must keep as reserves, the second such increase this year.
New York's main futures contract, light sweet crude for delivery in March, fell $1.15 to $74.13 a barrel.
London's Brent North Sea crude for March delivery shed $1.22 to $72.90 a barrel.
Holidays around the world are set to curb liquidity in oil markets on Monday.
China's markets are closed this week for the Lunar New Year holiday, as are markets in Taiwan, Hong Kong, Vietnam, Malaysia and Singapore. In the United States markets are closed for Presidents' Day.
