VIENNA (AP) -- Oil prices jumped above $75 a barrel today for the first time in a year on investor optimism crude demand will improve ahead of the Christmas shopping season.
A weak dollar also bolstered crude prices.
Oil has traded between $65 and $75 since May as traders have considered mixed crude supply and demand data.
Some analysts expect an increase in diesel fuel demand from U.S. truckers supplying inventory for the year-end holiday shopping season will trigger a sustained rise above $75 Others are more cautious, pointing to high inventory levels.
But burgeoning oil supplies this year have weighed on oil prices. Investors will be looking to the latest U.S. inventory data later today and tomorrow from the American Petroleum Institute and the Energy Information Administration.