US Light oil prices edged a little higher in a quiet trading on Monday with NYMEX Light crude oil futures for delivery in March, adding 14 cents to $74.27 dollars, gains capped by China’s latest bid to cool down its booming economy, traders said. “Owing to the public holidays both in the US and in China, we expect the price to move sideways today (Monday) on thin trading,” said Commerzbank analysts in a research note to clients. “The oil price fell temporarily below the mark of 73 dollars per barrel on Friday, triggered by another monetary tightening in China. After the publication of the US inventory data, however, it regained some ground and traded at 74 dollars this morning.” Commerzbank analysts added on Monday. European debt worries have helped the US dollar make significant gains against Euro, which in turn has blocked oil prices from rising, as a stronger US dollar makes crude oil more expensive for investors holding other currencies. There is no strong signal that the market wants to be over 81.00 on the dollar index. The dollar index components are not all moving as one. The Euro was down to $1.3607 in European trading, down from $1.3612 late Friday in New York, while the British pound rose slightly to $1.5686 from $1.5669 on Friday.

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