Light oil prices trading higher on latest US data

Light oil prices held steady above $74 in trading on Wednesday helped along by industry data showing a sharp drawdown in US crude oil stocks and an unexpected fall in gasoline supply, but a higher US dollar limited crude oil price gains.

US Light crude oil futures for February edged up 6 cents to $74.46 a barrel by 0713 GMT in a lighter trading session, after rising 68 cents yesterday. Light oil prices have gained almost $6 since hitting a more than two month low of $68.59 earlier in December.

“The API data is bullish and the market anticipates EIA data tomorrow to show resonably significant drawdown in the crude oil stocks as well as in some of the oil products stocks,” said Ben Westmore, commodities economist at National Australia Bank.

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