Oil rose further in Asian trade on Thursday as investors bought into commodities including crude amid expectations the beleaguered US dollar will remain under pressure, analysts said.

New York's main contract, light sweet crude for November delivery rose 65 cents to $75.83 a barrel.

Brent North Sea crude for November delivery gained 38 cents to $73.48.

"The US dollar remains under broad pressure with investors emboldened to add to risk positions on solid company earnings and commitment from (the) Fed to keep rates low," analysts from Societe Generale said in a report.

The weak greenback has bolstered investor appetite for hard assets such as oil and other commodities as they seek to protect their wealth from the slumping dollar.

A struggling greenback tends to boost crude prices particularly because the dollar-denominated commodity becomes cheaper for foreign buyers holding stronger currencies.

New York crude jumped above $75 on Wednesday, its highest level so far this year as the greenback continued to slump against the euro and other major units.

"The strength of the oil market can be explained almost entirely by the weaker dollar and rise" on Wall Street, said Ellis Eckland, an independent analyst.

The Dow Jones blue-chip index Wednesday rose above 10 000 points for the first time since October 2008 as US stocks powered higher.

As US shares climbed, the dollar slumped to a 14-month low against the euro, also pushing the price of gold to a record high.

The euro jumped to 1.4958 dollars in Tokyo morning trade — its highest level since August 2008 — up from 1.4922 in New York late on Wednesday.

AFP

Malema fires at Nedbank ANCYL head Julius Malema has warned Nedbank that he "will teach them a lesson".

Wrong rates verdict? The Reserve Bank's decision not to cut interest rates was quick. But what if it was wrong?

Manuel's R1.2m ego trip Minister in the Presidency Trevor Manuel has conceded spending close to R1.2m on a new vehicle.