Oil prices climb above $74 on recovery hopes

       Oil prices climbed above $74 a barrel yesterday in Asia amid spreading optimism about a global economic recovery.
       Expectations that demand for energy will grow were spurred by Federal Reserve Chairman Ben Bernanke who said Friday that the US economy is reviving.
       Benchmark crude for October delivery rose 22 cents to $74.11 a barrel by mid-afternoon Singapore time in electronic trading on the New York Mercantile Exchange. On Friday, it jumped 98 cents to settle at $73.89.
       In more good news for the US eco-nomy, the National Association of Realtors said Friday that home resales posted the largest monthly increase in at least 10 years.
       Asian stock markets rallied on recovery hopes, with Japan's Nikkei 225 index jumping 3.4%.
       In other Nymex trading, gasoline for September delivery added 2.43 cents to $2.0199 a gallon and heating oil for September delivery added 1.28 cents to $1.9177 a gallon. Natural gas for September deliver y fell 2.9 cents to $2.775 per 1,000 cubic feat after tumbling another 14.1 Friday.
       In London, Brent prices rose 29 cents to $74.50 a barrel on the ICE Futures exchange.
       Sentiment remains broadly supportive of commodities including oil in anticipation of an economic recovery,"said David Moore, a Sydney-based commodity strategist with the Commonwealth Bank of Australia.
       New York cr ude prices scaled new 2009 highs last week, rising above $74 Friday on a weak greenback, an improved US macro-economic outlook and positive eurozone data.
       The New York contract soared to $74.72 during US trading Friday, a level last seen on October 20, 2008, before easing to close at $73.89.
       A slew of economic data released last week suggested the US economy and euro-zone economies were likely recovering, boosting hopes that energy demand in tur n would see an uptick,analysts said.
       "Data is sparse this week but should all support the view that recession is over,"analysts from Singapore's DBS Bank said in a report in its view on the US economy.
       Last week, the National Association of Realtors reported that US existinghome sales surged 7.2% in July to a seasonally adjusted annual rate of 5.24 million units, lifting hopes the world's biggest economy was heading for a recovery.
       The slumping US dollar against the euro also fuelled support for crude oil,analysts said.
       A w eaker dollar tends to stimulate demand for dollar-priced crude oil,which becomes cheaper for buyers using stronger currencies. In turn, that pushes prices higher.