Oil prices were stable at above $74 a barrel as data revealed a steep decline in US crude stocks and gasoline supply.

For February, US crude increased by 6¢ to $74.46 a barrel at 2:13am EST, while London Brent crude increased by 2¢ to $73.48 a barrel, according to Reuters.

The American Petroleum Institute (API) said last week that US crude inventories declined 3.7 million barrels compared with expectations of a 900,000 barrel decline.

API data showed that inventories for gasoline decreased 1.1 million barrels as imports also fell.

Recovery of oil prices was curtailed by the firm dollar, which recorded a two-month high against the yen and also held strong against other currencies.

During the 22 December OPEC meeting in Angola, Angola’s minister of petroleum Angola José Maria Botelho de Vasconcelos said that OPEC will continue its efforts to restore stability and balance to the market in the interests of producers and consumers.