The price of oil surged to a one-year high close to 76 dollars on Thursday as the US currency tumbled, equity markets soared and following more strong company earnings. In early morning Asian trade, New York's main contract, light sweet crude for delivery in November spiked to 75.96 dollars a barrel, a level last reached in mid-October 2008. The contract later stood at 75.56 dollars, up 38 cents from Wednesday's close.
"The financial winds that blew prices higher last week looked set to blow in the same direction this week," said PVM oil analyst David Hufton.
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