Oil Prices Hit One-Year High

New York, NY, Oct. 14, 2009--Oil prices jumped above $75 a barrel Wednesday for the first time in a year on investor optimism crude demand will improve ahead of the Christmas shopping season.

A weak dollar was also bolstering crude prices.

Benchmark crude for November delivery was up 85 cents to $75 by midday European electronic trading on the New York Mercantile Exchange. The price reached $75.15 earlier in the day, the highest since October 2008.

The contract gained 88 cents to settle at $74.15 on Tuesday.

Oil has traded between $65 and $75 since May as traders have considered mixed crude supply and demand data.

"We believe oil prices are poised to move higher," Goldman Sachs, which expects prices to rise to $85 a barrel by the end of the year, said in a report. "All indicators still point to a normal seasonal pick-up in shipping to retailers this year."