Oil prices rallied today as a weaker dollar lifted demand for the key commodity.
Brent North Sea crude for delivery in July jumped $1.52 to $75.87 a barrel in late afternoon London trade.
New York's main futures contract, light sweet crude for July, gained $1.75 to $75.53.
The euro was higher against the dollar today, extending gains on hopes that positive data means the euro zone debt crisis will not derail the global economic recovery, dealers said.
A weaker dollar boosts demand for dollar-priced commodities as they become cheaper for buyers holding rival currencies.
Oil markets were recovering from a dip on Friday, when traders were unnerved by a US government report showing retail sales in May plunged for the first time in eight months. Retail sales unexpectedly dipped 1.2% from April. Most economists had expected a 0.2% rise in May.
