Reply #3: Oil hovers below $74 as traders eye dollar, stocks [View All]

[ozymandius]

...Benchmark crude for March delivery was up 10 cents to $73.74 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract fell 3 cents to settle at $73.64 on Thursday, the lowest since Dec. 14 when crude dropped to $73.46.

Oil has skidded about 12 percent since reaching $84 a barrel earlier this month as investors eye a stronger dollar and slumping equities. Traders often buy commodities such as oil as a hedge against inflation and a weaker dollar and sell them when the U.S. currency rises. ...

Investors are also looking at U.S. crude demand, which has so far not rebounded strongly from a slide last year. ...

In other Nymex trading in February contracts, heating oil rose 0.47 cent to $1.92 a gallon, while gasoline gained 0.90 cent to $1.93 a gallon.

http://news.yahoo.com/s/ap/oil_prices