A surge in Chinese exports in May and the International Energy Agency (IEA)’s revised estimate on global oil demand growth for 2010 has pushed oil prices up over $74 per barrel.

US crude for July rose 20¢ to stand at $74.58 per barrel by 08.50 GMT while ICE Brent lost 9¢ to $74.18 per barrel, according to Reuters.

The IEA revised its projections for global oil demand growth by 70,000bpd to 1.68 million bpd.

Oil demand this year will touch 86.44 million bpd from 84.76 million bpd in 2009.

China’s exports increased by 48.5% last month compared with the previous year.