Oil prices trading around $74 in light holiday session

Oil prices open the week’s trading at around the $74 a barrel mark in Asia amid light trading volume for the Asian Lunar New Year holiday as today’s markets in China, Hong Kong, Taiwan, South Korea, Singapore, and Malaysia were closed. Trading in the US is also closed on Monday for the Presidents Day holiday.

US Light crude oil futures for March delivery was up 6 cents at $74.19 a barrel at midday Singapore time in electronic trading on the NYMEX, while in London, Brent crude oil futures was up 15 cents at $73.05 on the ICE Futures Exchange.

Oil has crisscrossed the $75 a barrel level in recent months, jumping to $84 last month before dropping to $69.59 earlier this month as investors eye weak crude demand from the US and Europe offset by growing consumption in developing countries such as China.

Traders are also closely watching the Greece debt crisis. Last week, the European Union signaled they would help Greece, but didn’t give details about the assistance. The dollar is expected to strengthen this week and oil prices may take cues from the currency movement. Analysts expect oil prices to come under downside pressure as a stronger US dollar could reduce the appeal of buying crude oil.

Tags:  Asia, light, oil prices, trading, volume