LONDON (Commodity Online) : Global oil prices recovered in European trade Tuesday mainly after the dollar dropped, reducing the appeal of commodities as an alternative investment.
Light sweet crude for March delivery was seen trading at $75.34 a barrel at 4.00 p.m Indian time while Brent crude was at $73.95 a barrel at the same time.
The euro rebounded against the dollar after weakening to its lowest level in nine months yesterday. Europe's finance ministers said they're prepared to impose deeper deficit cuts on Greece before spelling out further help for the country.
The dollar traded at $1.3646 per euro at 4.00 p.m Indian time compared with $1.3598 per euro Monday.
The euro has weakened 4.7 percent against the dollar since the start of the year, partly because of concerns over the euro zone's stability in the face of large debts among member nations.
The ministers from the 16 nations that use the euro told Greek authorities to prepare more deficit measures by March 16, in case the government fails to show sufficient progress on its budget goals.
Greece has pledged to reduce the European Union's biggest budget gap from 12.7 percent of gross domestic product in 2009 to 8.7 percent by year end.
US markets remained closed Monday for Presidents' Day. Monday's electronic trades and Tuesday's session will count toward the settlement.
Markets in China, Hong Kong, Singapore and Malaysia are closed for the Lunar New Year holiday