Oil prices hovered above $74 a barrel Tuesday in Asia as investors looked for signs of improving global crude demand amid light holiday trading. Benchmark crude for March delivery was up 9 cents at $74.22 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. With markets closed Monday in the U.S. for the Presidents Day holiday, the contract last settled on Friday, falling $1.15 to $74.13. Trading volume was light in Asia as markets in China, Hong Kong, Taiwan, South Korea, Singapore, and Malaysia were closed for the Lunar New Year holiday.