Crude Settles Above $75: Oil Alert

NEW YORK (TheStreet) -- Not to be outdone by news that the Dow Jones Industrial Average topped 10,000, oil, too, rose to new highs for the year.

Light, sweet crude on the New York Mercantile Exchange rose above $75 in the morning and bounded above the mystical mark again in the afternoon, ultimately settling at $75.18 per barrel after gaining $1.03. On Wednesday, it went as high as $75.40, marking its highest level since a year ago.

Propping up crude prices on Wednesday was a round of economic optimism pushed by a rally in equities. Leading the charge higher were Intel(INTC Quote) and JPMorgan Chase(JPM Quote), which each reported better-than-expected quarterly earnings showings on Tuesday afternoon and Wednesday morning.

The Dollar Index, which tracks the dollar against a basket of currencies, also reached a year-long low in the morning. Gold, too, rose to an all-time high in the morning.

Overhanging the bullish crude run of late, however, are still-elevated oil and fuel stockpiles. Those demand clues will come into better view today and tomorrow, as both the American Petroleum Institute and the Energy Department are readying release of their weekly oil inventory figures.

Analysts are expecting data to show a 2.2 million barrel jump in oil inventories, according to a Platts survey.

Several major oil stocks also joined in the equity-rally fun, with Dow stalwarts Exxon Mobil(XOM Quote) and Chevron(CVX Quote) charging higher, adding 1.4% and 1.8%, respectively. Marathon Oil(MRO Quote) was also higher by 2.2% in the afternoon.