Oil jumps on the ICE, as US dollar weakens

Oil prices have spiked by over three dollars, past US$75 on the ICE futures exchange as the US dollar weakened and optimistic economic news and rising commodity prices propped up global stock markets and European sovereign debt concerns eased amid renewed tension over Iran’s nuclear ambitions. US Light oil prices edged a little higher in a quiet trading on Monday with NYMEX Light crude oil futures for delivery in March, to US$74.27 dollars, gains capped by China’s latest bid to cool down its booming economy. European debt worries have helped the US dollar make significant gains against Euro, which in turn has blocked oil prices from rising.
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