Crude oil for October delivery increased 98 cents to $73.89 a barrel
Crude oil rose to a 10-month high in New York, following equities higher on speculation that the global recession is easing. Oil climbed 1.3 percent as the Standard & Poor’s 500 Index advanced to the highest level since October, after U.S. existing home sales increased more than forecast. Prices were also bolstered as the euro strengthened against the dollar, enhancing the appeal of commodities to investors.
“The economic recovery is going to spur further upward movement in prices,” said John Kilduff, senior vice president of energy at MF Global in New York. “There’s a lot of inherent strength in this market. It’s becoming clear that the recovery is for real and energy demand is going to pick up.”
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