Money World economy
Oil rose further in Asian trade as investors bought into commodities including crude amid expectations the beleaguered US dollar will remain under pressure, analysts said.
New York's main contract, light sweet crude for November delivery rose 65 cents to 75.83 dollars a barrel. Brent North Sea crude for November delivery gained 38 cents to
73.48 dollars.
"The US dollar remains under broad pressure with investors emboldened to add to risk positions on solid company earnings and commitment from (the) Fed to keep rates low," analysts from Societe Generale said in a report.
The weak greenback has bolstered investor appetite for hard assets such as oil and other commodities as they seek to protect their wealth from the slumping dollar.
A struggling greenback tends to boost crude prices particularly because the dollar-denominated commodity becomes cheaper for foreign buyers holding stronger currencies.
New York crude jumped above 75 dollars Wednesday, its highest level so far this year as the greenback continued to slump against the euro and other major units.
