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Oil touches $75 on spreading economic optimism

Oil prices touched 75 U.S. dollars a barrel on Monday as investors believed oil demand would pick up along with the economic recovery.

Light, sweet crude for October delivery swiftly touched 75 dollars a barrel, first time in ten months, before retreating to settle at 74.37 dollars a barrel on the New York Mercantile Exchange.

Investors were still encouraged by Federal Reserve Chairman Ben Bernanke's upbeat remarks that the United States was already on the verge of recovery, which provided a brighter outlook for the world economy and sent oil prices to a fresh high for the year.

Meanwhile, gains on the equities market also added support to the price of oil. In London, Brent Crude for October delivery traded almost unchanged at 74.18 dollars a barrel on the ICE Futures exchange.

 Source : Xinhua  Editor: Ivy
· Oil price tops $70 a barrel
· Oil steady below $70 on mixed economic data
· Oil plummets on China's sharp equities loss
· Oil jumps nearly 5% on unexpected big supply drop
· Oil rebounds above $69 as global equities gains
· OPEC weekly oil price hits new record high
· Oil prices drop below 70 dollars
· Gasoline, diesel prices likely to go up again
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