Crude futures continued to rise today to reach nearly $75 a barrel as eurozone investments sparked a global rebound in equities and encouraged bets on riskier assets.

For July delivery, US crude gained 24¢ at $74.79 a barrel by 00.00 GMT, according to Reuters.

Oil extended gains to 8.4%, the biggest gain since August last year.

Oil prices have risen almost 8% this week after official data showed soaring fuel demand in top consumers US and China.

Oil also gained support after the US Government’s climate agency forecast that the Atlantic storm season may be the most intense since 2005, when Hurricane Katrina destroyed energy facilities in the Gulf of Mexico.