World oil prices surged this evening as the euro rebounded against the dollar and global stock markets bounced higher. US crude soared $2.61 to $74.12 a barrel, while London's Brent crude jumped $2.32 to $74.06.
Global share prices and the euro rebounded higher today, extending the previous day's large gains, aided by easing concerns over the euro zone financial crisis and Korea.
A weaker US currency makes dollar-priced crude cheaper for buyers using stronger currencies, which therefore tends to stimulate oil demand and push prices higher.
A report by the US Department of Energy on Wednesday also showed improving demand in the world's biggest energy consuming nation.
The report showed an unexpected dip in US petrol supplies, dropping 200,000 barrels. Distillate stocks, including diesel and heating oil, fell 300,000 barrels in the week ending May 21.
