* China September trade data shows recovery there underway
* Gold hits record high, European stocks rise
* US weekly inventory data could show build in crude stocks
(Previous SINGAPORE, updates prices)
LONDON, Oct 14 (Reuters) - Oil surged for a fifth day on
Wednesday to a 2009 high above $75 a barrel, boosted by a weak
dollar and optimism about a global economic rebound that will
lead to higher energy demand.
Chinese trade data provided fresh evidence of recovery in
the world's second-largest oil user []
[
Producer group OPEC on Tuesday became the latest forecaster
to bump up global oil demand estimates. [OPEC/M]
U.S. crude jumped 71 cents to $74.86 a barrel by 0851 GMT,
after surging to $75.15, the highest this year, earlier in the
session. Brent crude <LCOc1> rose 63 cents to $73.03.
"There's a lot of positive sentiment right now, but that's
largely driven by the softer dollar," said Mark Pervan, senior
commodity strategist at ANZ Bank in Melbourne.
"Whether the rally is sustainable depends on further dollar
weakness. If there is, we could head towards the $75 to $80
range, but $75 would be a key resistance level."
Gold hit a record high on Wednesday, also supported by the
dollar, which is under pressure from expectations of low
interest rates. Dollar weakness makes oil and bullion more
affordable for non-dollar holders.
Analysts who use past price moves to predict future
direction said a further rally would depend on U.S. crude, also
known as WTI, closing above $75 a barrel, which has been a key
resistance level.
"The advance in WTI is in our view purely technical and
dollar linked -- hence reversals can be sharp when and if the
dollar stops to fall off the cliff," said Olivier Jakob, analyst
at Petromatrix.
Earnings are due from a number of major U.S. firms this
week, and the oil market is tracking corporate results closely
for signs of a broad economic rebound.
Tech bellwether Intel Corp's <INTC.O> quarterly outlook and
results shattered expectations on Tuesday, boosting its shares
and fuelling optimism over a wider recovery in the sector.
Cold weather in the United States has also supported prices.
Heating demand will be higher than normal this week, the
National Weather Service said on Monday. []
U.S. inventory data from the American Petroleum Institute,
due later in the session, will offer a further clue on the pace
of demand recovery in the world's largest economy.
A Reuters poll forecasts a 700,000-barrel rise in crude
stocks. []
(Reporting by Jennifer Tan; Editing by William Hardy)
