Oil up to US$75 reflecting recovery optimism, weaker dollar

Oil soared to as much as 1.4 percent towards US$75 this morning as renewed optimism about the global economic recovery rekindled appetite for risk, sending Asian stock markets to a one-month high and the dollar down.

14 June 2010, 12:00am

The dollar weakened about 0.6 percent against a basket of currencies, with the euro at a one-week high, while Japanese stocks rose led by the technology sector as the nation's manufacturers grew more optimistic about the business environment in the April-June quarter.

U.S. crude for July rose as much as US$1.01 to US$74.79 a barrel and was up 92 cents to US$74.70 a barrel at 05.22 GMT, still down 14 percent from a 19-month high above US$87 in early May. ICE Brent gained 77 cents to US$75.12.