(Updated with recent stock- and oil-price information.)
NEW YORK (
) -- Oil futures pushed past $74 Monday late morning, with many reports attributing the gains to investor confidence about economic recovery.
Light, sweet crude for October delivery was trading up 43 cents at $74.32 per barrel on the New York Mercantile Exchange.
On Friday, the front-month contract gained 98 cents to settle at $73.89 after positive comments from
Chairman Ben Bernanke, strong housing data, and a weaker dollar helped push prices higher. But on Monday, the euro weakened against the dollar.
Elsewhere, major oil stocks were moving in positive territory in morning trading.
gained $1.15 to $71.07.
picked up 99 cents to $70.72, while
added 94 cents to $45.14.
were up 1.4%, 3.1% and 0.6%, respectively.
In the servicing group,
gained 2.2%, while
was up 1%.
-- Reported by Sung Moss in New York
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