Oil recovers in Asian trade.
World oil prices recovered in Asian trade Tuesday despite euros decline against the dollar amid uncertainty over debt-laden Greece rescue efforts. Light sweet crude for March delivery was at $74.21 a barrel at 11.30 a.m Singapore time while Brent crude for April delivery was at $ 72.93 a barrel at the same time.
Analysts said the European single currency unit, the euro held close to a nine-month low against the dollar after European leaders refused to detail how they would rescue debt-laden Greece should it fail to finance its debt.
Greece's debt woes and a weak euro were likely to keep some investors in the region away from oil as they try to offload commodity-related risk from their portfolios, they said.
On Monday, oil prices extended losses caused by China's latest bid to cool down its booming economy, they added.
New York's main futures contract, light sweet crude for delivery in March closed at $73.90 a barrel while Brent crude settled at $72.51 a barrel.
Floor trading was closed Monday for President's Day in the US. Trading activity was also subdued amid holidays across much of Asia.