Crude oil rose above $75 a barrel after the dollar declined slightly against the EUR, bolstering the appeal of commodities as a hedge against inflation. Oil, like other commodities, is priced in dollars so when the U.S. currency weakens, commodities become cheaper for investors holding other currencies.

Oil dropped on May 28 after Fitch Ratings' decision to strip Spain of its AAA credit rating pushed the euro lower. A report tomorrow in the U.S., the world's biggest energy user, will probably show the nation's manufacturing expansion slowed for the first time in three months.