Oil prices were firm near $74 on Monday after stronger-than-expected Japanese growth data offset concerns rising energy demand could slow due to China's moves to tighten monetary policy. US crude for March delivery was unchanged at $74.13 a barrel by 1132 GMT. London ICE Brent for April delivery fell 15 cents to $72.75. Crude fell for the first time in four days on Friday, shedding 1.5 percent after China's central bank moved to check the country's rapidly expanding economy, which is at the centre of rising demand for commodities. Holidays around the world have reduced trade in oil markets on Monday. China's markets are closed this week for the Lunar New Year holiday, as are markets in South Korea, Taiwan, Hong Kong, Vietnam, Malaysia and Singapore. In the United States markets are closed for Presidents' Day. “Today everything's very steady,” said Robert Montefusco at Sucden Financial. “Worries over Greece seem to be quite heavily discounted in the euro already.” Concerns over Greece pressured the euro on Monday, with data showing currency speculators had added further bets the single European currency will fall against the dollar. The euro was near nine-month lows against the dollar on Monday as doubts intensified about whether policymakers in the euro zone will help Greece, prompting investors to add to long positions in the greenback. Euro zone finance ministers meet on Monday and Tuesday and are expected to put pressure on Greece to implement planned budget deficit cuts. A strong dollar tends to pressure dollar-priced commodities as they become more expensive for holders of other currencies. Japan's economy grew faster than expected in the fourth quarter with government stimulus programmes spurring expansion of 1.1 percent. “When you look at prices I don't see much more downside,” said Mark Pervan, senior commodities analyst at ANZ in Melbourne. “China, Japan, Korea, Taiwan and other Asian economies are going to perform very well this year notwithstanding what the Chinese government is doing to control growth.” However, Japan's demand for oil has been falling in recent months, as consumers and industry continue to shift to other forms of energy. Oil has traded in a relatively tight $15 range between $69 and $84 a barrel since the beginning of October. At the peak of the financial crisis, oil crashed below $40 a barrel from a July 2008 record of almost $150, but expectations of an economic recovery have supported prices since then. Algerian Energy and Mines Minister Chakib Khelil on Sunday said all options are open at the March meeting of the Organization of the Petroleum Exporting Countries (OPEC). The producer group, whose 12 members pump more than a third of the world's oil, meet in Vienna on March 17 to decide whether to change production targets. In late 2008, OPEC cut output targets by 4.2 million barrels per day, or about 5 percent of world demand, in a bid to support prices during the downturn.
