Oil edges up to $74 on soft dollar, sentiment weak

Oil inched up to $74 on Tuesday, after the previous day's slide of 2 per cent, supported by the softer dollar but the weak sentiment was marked by forecasts for a build in US crude stocks and slow economic recovery. The dollar eased after senior Federal Reserve officials dashed speculation of a quick rise in US rates, with the Fed chief cautioning that the economy still faced resistance and unemployment could stay high for some time, playing down the impact of last week's upbeat jobs report. US crude for January delivery gained 9 cents to $74.02 a barrel by 0340 GMT, after settling $1.54 lower on Monday. Brent crude rose 18 cents to $76.61. NYMEX crude had touched its lowest level in about a week around $73.70 a barrel on Monday, undermined by the stronger US currency last week when it saw its strongest move in almost a year versus a currency basket after data showed the United States lost far fewer jobs than expected last month.