SINGAPORE-- Oil prices rose in Asian trade Wednesday as a weaker greenback made US dollar-priced crude more attractive to traders, analysts said.

New York's main futures contract, light sweet crude for delivery in February, rose 24 cents to 74.64 dollars a barrel.

Brent North Sea crude for February delivery was up four cents to 73.50 dollars.

"Oil is just moving with the dollar," said Ben Westmore, minerals and energy economist with the National Australia Bank in Melbourne.

The dollar was at 91.62 yen in morning trade Wednesday, down from 91.82 in US trade late Tuesday.

A weaker greenback would make dollar-priced crude more attractive to investors using stronger currencies.

"There is some correction in the value of the dollar," said Dariusz Kowalczyk, chief investment strategist with SJS Markets financial advisory firm in Hong Kong.

"I would expect there is very little upside, if any, left in the US currency as investors continue to unwind (from their positions)," he said.

The oil market was also not heavily affected by a decision by the Organization of the Petroleum Exporting Countries (OPEC) Tuesday to keep its official crude output levels unchanged.

"Markets on the whole were expecting that, so it didn't have a big impact," Westmore said.

Investors were upbeat over expectations that a weekly US inventory data Wednesday would show increasing demand in the world's biggest energy consuming nation.

"Early indications is that it's going to be bullish," independent oil analyst Ellis Eckland said, following forecasts that US stockpile figures to be released later Wednesday will show a fall.