Oil prices climbed to $75 a barrel today aided by renewed optimism about a global economic recovery.

For July delivery, US crude rose $1 to stand at $74.78 a barrel at 06.48 GMT, while London Brent crude gained 89¢ to $75.24, reports Reuters.

European leaders are expected to meet on Thursday this week to set out proposals to convince financial markets they can contain the debt crisis sweeping across the continent.

Oil consumption in the US is recovering, helped by the seasonal summer peak in petrol use.