<div><p>Oil prices rose slightly with gains capped by weak energy demand in the United States and worries over the strength of China's economy, traders said.</p><p>New York's main contract, light sweet crude for March delivery, climbed eight cents to 76.16 dollars a barrel.</p><p>Brent North Sea crude for delivery in March gained 17 cents to 74.75 dollars a barrel.</p><p>The US Department of Energy (DoE) on Thursday said that gasoline, or petrol, reserves in the world's biggest economy increased by a stronger-than-expected 3.9 million barrels in the week ending January 15, striking a two-year high.</p><p>It also said refineries operated at 78.4 percent of capacity last week, their lowest rate in at least two decades apart from the immediate aftermath of a hurricane.</p><p>"The DoE report was not very bullish (price-supportive). The refineries' capacities were down at around 78 percent and that was their lowest in the two decades," said ANZ bank oil analyst Serene Lim.</p><p>However, US crude stocks fell 400,000 barrels, according to the DoE report, confounding expectations of a large gain of 1.9 million barrels.</p><p>The United States is the world's largest energy consuming nation, followed by number two China.</p><p>Meanwhile, moves by China to slow down its roaring economy also weighed on oil prices.</p><p>"I think people are very concerned about what the Chinese government would do next to curb the consumption demand growth," said Lim.</p><p>China's economy expanded 10.7 percent in the December quarter and by 8.7 percent for the whole of 2009.</p><p>Oil prices jumped by about 80 percent in 2009 as traders were heartened by evidence that the battered global economy was on the mend, with the eurozone, Japan and the United States escaping a fierce recession.</p><p>However crude futures have struggled to make much headway in early 2010 as economic data disappoints.</p><p>On Tuesday, the OPEC oil producers' cartel left unchanged its forecast for annual oil demand growth.</p><p>The Organization of Petroleum Exporting Countries said in its January report that world oil demand in 2010 was forecast to grow by 0.8 million barrels per day (bpd) to average 85.1 million bpd, representing no major change from last month.</p><p>OPEC member the United Arab Emirates on Monday said it was comfortable with current price levels.</p><p>UAE energy minister Mohammad bin Dhaen al-Hamli said world oil prices were "very reasonable" at the moment.</p><p>Asked if he preferred prices to be in excess of 100 dollars a barrel, he told reporters on the sidelines of a four-day alternative energy forum in the UAE capital: "I don't like over 100 and don't like 30."</p><img src="http://admatch-syndication.mochila.com/images/ad.gif?aid=67526173&bid=informcom" /></div><div id="copyright"><div>

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