SINGAPORE (Commodity Online) : World oil prices advanced past the $74 a barrel mark Tuesday mainly after positive results in Chinese factory data that eased concerns on Euro zone worries.
Light sweet rude for July delivery was seen trading at $74.35 a barrel at 11.00 a.m Singapore time while Brent crude was at $74.56 a barrel at the same time in London.
Analysts said Euro zone economic sentiment unexpectedly fell last month, an indication that the region's debt crisis has begun affecting the real economy.
However, the black gold gained momentum from China's positive factories data as it signaled sustained growth at the world's second-largest user, outweighing concerns about a potential slowdown in European economy.
China's factories scaled back production last month and slowed the pace of hiring in response to a drop in new orders from both home and abroad.
U.S. crude posted its biggest monthly loss since 2008 in May after the European economic crisis raised the prospect of reduced fuel demand.
The euro slipped on Tuesday, showing its continued vulnerability to a broader sell-off on fears that the region's sovereign debt problems could spread to the banking system.
On Monday, there no settlement price on Monday because of the Memorial Day holiday in the United States. The New York Mercantile Exchange will combine Monday's and Tuesday's trading sessions into one.
ICE Brent crude for July settled at $74.65 a barrel, after touching $68.15 a week ago, the lowest intraday price for a front-month contract since Feb. 5.