Oil prices mixed in Asian trade

Oil prices were mixed in volatile Asian trade today as traders kept their eyes on a White House plan to crack down on banks and prevent excessive risk-taking, analysts said.

New York's main contract, light sweet crude for March delivery, fell seven cents to $74.47 a barrel.

London's Brent North Sea crude for delivery in March rose seven cents to $72.90 a barrel.

"Crude is under pressure from the slump last week after the (White House) announcement," said Victor Shum, senior principal of Purvin and Gertz energy consultants in Singapore.

US President Barack Obama shocked markets Thursday by proposing strict new limits on banks aimed at curbing excessive risk-taking.

The measures, which require approval by Congress, would prohibit commercial banks, which engage in activities such as collecting deposits from customers, from so-called "proprietary trading," or acting as brokerages on their own behalf.

The proposal increased pressure on already weak demand in the oil market on Friday as the key New York contract hit USD 74.33, its lowest level since December 22.

Oil prices were earlier hit by a bearish report from the US Department of Energy Thursday that its refineries were operating at their lowest rate of capacity in at least two decades.