Crude oil futures rose above $75 a barrel in early New York trading Wednesday, nearly near one-year highs. on strength in European equities and new lows for the dollar.
Analysts said the increase was based on strength in U.S. and European equities and new lows for the dollar.
U.S. crude rose 33 cents to settle at $68.38 a barrel after earlier hitting $68.99, the highest since July 2. The gains came as gasoline and heating oil futures rose for the 10th session in a row.
Expectations that a rebound in the global economy could lift flagging oil demand has helped push crude prices up from below $33 a barrel in December.
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