Oil rebounds above 75 USD along with equities

08:17, January 26, 2010      

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Oil prices rose above 75 U.S. dollars a barrel on Monday as equity market recovered from the worst week since the March lows in 2009.

Oil prices finished last week at 74.54 dollars a barrel as the energy futures were pressured from weak demand and a plunging stock market. But future prices failed to break the downward technical support at 74 dollars on Monday amid a speculation that it was oversold.

Meanwhile, U.S. stocks rebounded from the biggest three-day decline since last March, also helping lift sentiment in oil market.

Earlier in the session, crude futures fell to as low as 74.06 dollars a barrel as the dollar strengthened against major currencies.

Light, sweet crude for March delivery rose 72 cents to settle at 75.26 dollars a barrel on the New York Mercantile Exchange.

In London, Brent crude for March delivery added 90 cents to 73. 73 dollars a barrel on the ICE Futures Exchange.

Source: Xinhua
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