Oil has been up close to $75 dollars a barrel. The continued rally pushed the price up to near its best in ten months.
The reason is optimism that an economic recovery will boost demand for energy. Positive economic data from various countries and rising stock markets helped lift oil prices by 9.5 percent last week. Since the start of the year crude prices are up by two thirds. Oil dealers said many investors were also using commodities as a hedge against the dollar, particularly as OPEC producers work to restrain supply.