Light, sweet crude futures for delivery in July traded at just a cent less than US$75 on the Nymex, while Brent crude on London's ICE Futures exchange rose past US$75. Monday ushered in strong crude oil prices in Asia but high inventory levels keep market sentiments bearish. Crude-oil futures have been propped up by higher equity markets in Asia, amid a stronger euro that was seen rising to its highest level vs the greenback in 10 days. Broad gains in Asian equity markets followed Friday's mild gains on Wall Street and an improvement in US consumer sentiments.
However, analysts continue to be pessimistic about the near term direction of oil prices. High oil inventories that pushed the oil market below US$75, are likely to continue unless the euro strengthens further.