Crude climbs back above $74 as the dollar softens

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The dollar eased after senior Federal Reserve officials dashed speculation of a quick rise in US interest rates. Fed chief Ben Bernanke cautioned that the economy still faced resistance, and unemployment could stay high for some time. He played down the impact of last week's upbeat jobs report.

US crude for January delivery gained 31 cents to $74.24 a barrel by after settling $1.54 lower on Monday. Brent crude rose 49 cents to $76.92.

"The movement of the dollar has continued to be a leading driver of oil pricing," said Victor Shum, an energy analyst with consultancy Purvin & Gertz in Singapore. "But when the price falls to the mid-$70s, many market participants see that as a buying opportunity."