Oil prices dip below $74 with global power crunch in focus

Oil traded below $74 as the potential boost to demand caused by the global energy crunch was weighed against the impact of the crisis on the wider economy.
 

Futures in New York pared earlier gains as the dollar erased losses, making commodities priced in the currency less attractive. Thursday marks both the end of the month and the quarter -- a time when traders generally square existing positions. 

The market still is likely to be in a deficit of 1.5 million barrels a day over the next six months, according to Citigroup Inc., a figure that could grow even larger should