Oil edges higher in Asian trade

Updated at: 0859 PST, Friday, January 29, 2010
SINGAPORE: Oil rose in Asian trade Friday, but remained below 74 dollars as concerns about demand and a strengthening US dollar kept a hold on prices. New York's main futures contract, light sweet crude for delivery in March, was up 15 cents to 73.79 dollars a barrel. London's Brent North Sea crude for March delivery gained 17 cents to 72.30 dollars. The euro lost more ground against the dollar in Asian trade Friday as worries deepened about the state of the European economies in light of Greece's debt woes, dealers said. The European currency fell to 1.3939 dollars in Tokyo morning trade from 1.3966 in New York late on Thursday, and to 125.34 yen from 125.56. The dollar was flat at 89.92 yen. Oil is traded in US dollars and a rise in the currency makes the commodity more expensive to holders of weaker units.