Oil climbs above $75

By Julianne Pepitone, staff reporter


NEW YORK (CNNMoney.com) -- Oil prices jumped Monday, riding on the back of stronger stocks and foreign exchange.

What prices are doing: Crude oil for July delivery rose $1.34 to settle at $75.12 a barrel Monday.

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Oil prices rallied last week, rising for four straight days before declining on Friday after a disappointing U.S. retail sales report.

The national average price for a gallon of regular unleaded gasoline fell to $2.698 from the previous day's price of $2.701, according to motorist group AAA. That's the eighth straight day of declines.

What's moving the market: Gains in the Dow Jones industrial average, Nasdaq and S&P 500 gave crude prices a boost, as investors look to the stock market as an indicator of when global fuel demand will rebound.

The foreign exchange market also pushed crude higher. Both the euro and British pound gained more than 1% against the dollar Monday.

Commodities are sold in U.S. dollars around the world, so a weaker greenback makes oil less expensive for foreign investors. To top of page

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