SINGAPORE (Commodity Online) : Global oil prices little changed in Asian trade Wednesday despite OPEC decision not to change output levels.

Light sweet crude for February delivery was seen trading at $74.34 a barrel at 11.30 a.m Singapore time while Brent crude dropped marginally at $73.37 at the same time.

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OPEC said Tuesday it won't change production quotas, a move widely expected by investors. OPEC leaders called on group members to adhere more closely to current quotas and reduce cheating.

On Tuesday, Prices were boosted by signs U.S. oil demand may be picking up.

February delivery rising 68 cents, or 0.9%, to end at $74.40 a barrel on the New York Mercantile Exchange.

In London, Brent crude for February delivery rose 47 cents to settle at $73.46 on the ICE Futures exchange

U.S. crude inventories fell more than expected last week, the American Petroleum Institute said late Tuesday. Crude stocks fell 3.7 million barrels.

US Energy Department's Energy Information Administration plans to announce its inventory report later Wednesday.

In other Nymex trading in January contracts, heating oil was little changed at $1.95 while gasoline rose 1.1 cent to $1.90. Natural gas rose 1.3 cents to $5.73 per 1,000 cubic feet.