Oil hits $75 for first time in 10 months

New York oil prices surged to $75 per barrel on Tuesday for the first time in 10 months, as traders welcomed news of rebounding consumer confidence in key energy consumer the United States.

New York oil prices surged to $75 per barrel on Tuesday for the first time in 10 months, as traders welcomed news of rebounding consumer confidence in key energy consumer the United States.

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In afternoon trade in London, New York's main contract, light sweet crude for October delivery, spiked as high as $75.00 exactly -- reaching a level last seen in October 2008 before the global recession.