The world has started to recover from the fastest recession in recent decades. The Asian equity markets restored. The rise in crude oil followed soon, expecting a higher demand of fuel after this recovery.

Crude oil traded near $74 a barrel as the euro held close to a nine-month low against the dollar after European leaders refused to detail how they would rescue Greece should it fail to finance its debt.

There was no floor trading in New York yesterday because the U. S. was shut yesterday for Presidents' Day, while markets in China, Hong Kong, Singapore and Malaysia are closed for the Lunar New Year holiday.

Crude oil for March delivery was at $74.23 a barrel, up 10 cents in electronic trading on the New York Mercantile Exchange. Greece will report to the European Commission on March 16 on its efforts to cut the EU's biggest budget deficit this year. A stronger dollar curbs demand for commodities as an alternative investment.