Weak dollar lifts crude over $75

LONDON: Oil surged for a fifth day yesterday to a 2009 high above $75 a barrel, boosted by a weak dollar and optimism about a global economic rebound that will lead to higher energy demand.

The weak dollar, which fell to its lowest in more than a year against a basket of other currencies, also boosted gold, which hit a record. Dollar weakness makes oil and bullion more affordable for non-dollar holders.

"There's a lot of positive sentiment right now, but that's largely driven by the softer dollar," said Mark Pervan, senior commodity strategist at ANZ Bank in Melbourne.