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.
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The recent rise in oil prices is not driven by fundamentals but by financial market developments and hopes that oil demand will recover sooner rather than later said Carsten Fritisch analyst at Commerzbank But we still need some confirmation of this hope.
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