Oil ends above $75 as Dow breaks 10,000

08:17, October 15, 2009      

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Crude prices ended above 75 U.S. dollars a barrel for the first time this year on Wednesday as Wall Street rallied to a fresh high in more than a year.

The Dow Jones industrial average reclaimed 10,000 on Wednesday for the first time in more than a year on better-than-expected company results, which was regarded as a sign that the economy was indeed recovering.

Meanwhile, the U.S. dollar continued to fall against euro to a 14-month-low as investors flooded to futures market for higher profitable assets.

Light, sweet crude for November delivery gained 1.03 collars to settle at 75.18 dollars a barrel on the New York Mercantile Exchange. The last time crude finished above 75 dollars a barrel was Oct. 14, 2008, exactly one year ago.

In London, Brent Crude for November delivery rose 70 cents to settle at 73.10 dollars a barrel on the ICE Futures exchange.

Source: Xinhua
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