Oil prices rallied by 2 % to around $75 a barrel during yesterday's trading session as renewed optimism about the global recovery boosted the outlook for fuel demand and sent Asian and European stock markets to their highest level in four weeks.

Oil received an early lift from data showing euro zone industrial production in April surged year-on-year more than in any month in almost two decades, giving investors renewed confidence about the global economy.

A weaker U.S. dollar tends to boost the price of dollar-priced commodities as it lowers the price to holders of other currencies and reduces the value of the currency oil producers receive for their product.