Oil Near $74

28 January 2010 (Last Updated January 28th, 2010 18:30)

Oil prices were steady near $74 a barrel today as economic recovery in the US has as yet failed to boost fuel demand. For March delivery, US crude increased by 9 cents to $73.73 a barrel at 5.04am GMT, while London ICE Brent crude increased by 11 cents to $72.24 a barrel, reports Reuter

Oil prices were steady near $74 a barrel today as economic recovery in the US has as yet failed to boost fuel demand.

For March delivery, US crude increased by 9 cents to $73.73 a barrel at 5.04am GMT, while London ICE Brent crude increased by 11 cents to $72.24 a barrel, reports Reuters.

Oil prices are still 12% less compared to the $84 a barrel price recorded on 11 January.

In the US, oil demand over the past month has decreased by 2% compared to 2009.

The strong performance of the US dollar against the euro also contributed to low oil prices.