Oil traded near $74 a barrel today after it gained almost 3% yesterday on positive manufacturing data.

For October delivery US crude dropped 8¢ to stand at $73.83 a barrel by 07.04 GMT, while London Brent crude slipped 33¢ to $76.02 a barrel, reports Reuters.

Data from the Energy Information Administration revealed crude stockpiles added 3.4 million barrels last week, distillates fell by 739,000 barrels and petrol dropped by 212,000 barrels.