Oil traded above $74 today, buoyed by a sharp drawdown in U.S. crude stockpiles and an unexpected fall in the gasoline supply, but a firmer dollar limited gains. Crude inventories in the world's biggest oil consumer fell 3.7 million barrels as against the previously expected 900,000-barrel drop.
However, Oil's recovery gain was limited due to the strengthening dollar, which touched a two-month high versus the yen driven by the positive U.S. economic news and the steepest Treasury yield curve.
While Organization of the Petroleum Exporting Countries (OPEC) has left the output policy unchanged at 24.84 million barrels per day (bpd), concerns remain about their ability in persuading other members to stick to quotas.
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