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Oil prices surged above $73 (€49.36) a barrel on Monday (October 12th) as continued economic optimism and a weaker dollar helped extend last week's gains.
Values rose for a third straight day after a strong day on both European and US stock markets boosted hopes that the worst of the recession may soon be over.
This added to confidence generated last week when the International Energy Agency raised its oil demand forecast for both this year and 2010 as the global economy begins to recover.
The market also found support from the weak US dollar, which helped to make the fuel more attractive to holders of foreign currencies and increase trading activity.
US crude for November delivery climbed by $1.50 during the course of the day to reach a new seven-week of $73.27, while London Brent crude gained $1.36 to reach $73.27.
According to analysts at US bank Goldman Sachs, the upward movement could be set to continued, with the group last month predicting that prices will reach $85 before the year is out.
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