Created: 10/14/2009 6:55:17 AM 
SINGAPORE (AP) -- Oil prices have jumped above $75 a barrel in Asia for the first time in a year, thanks to investor optimism that crude demand will improve ahead of the Christmas shopping season.
Benchmark crude for November delivery was up 91 cents to $75.06 -- the highest since October 2008 -- by midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract gained 88 cents to settle at $74.15 yesterday.
Oil has traded between $65 and $75 since May as traders have mulled mixed crude supply and demand data.
Some analysts expect that an increase in diesel fuel demand from U.S. truckers supplying inventory for the year-end holiday shopping season will trigger a sustained rise above $75.
A weak dollar is also bolstering crude prices.
©2009 . All rights reserved. This material may not be published, rewritten, or redistributed.
