* Oil his record 2009 intraday high
* Gold hits record high; JP Morgan 3Q earnings jump
* US inventory data could show build in crude stocks
(Recasts, updates prices, market activity)
NEW YORK, Oct 14 (Reuters) - Oil rose more than 1 percent
toward $75 a barrel on Wednesday, boosted by a weak dollar and
optimism about a global economic rebound that will lead to
higher energy demand.
Gold also hit a record as the dollar slumped to its lowest
in more than a year against a basket of currencies, making
dollar-denominated commodities like oil and bullion more
affordable for holders of other currencies.
U.S. crude <CLc1> rose 78 cents to $74.93 a barrel by 11:32
EDT (1532 GMT), after climbing to a session high of $75.40, the
highest this year. Brent crude <LCOc1> rose 45 cents to
$73.85.
"The dollar is weak and people are buying commodities,
that's by far the sole and exclusive reason we've seen behind
the crude rally today," said Tom Knight, broker at Truman
Arnold in Texarkana, Texas.
Oil has more than doubled from below $33 in December amid
hopes of economic recovery, a rally many say has run ahead of
weak oil demand, high inventories and abundant supply.
"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 Fritsch, analyst at Commerzbank. "But we still need
some confirmation of this hope."
Now though, there is more acceptance that oil use is on an
upward track. Producer group OPEC on Tuesday became the latest
forecaster to bump up global oil demand estimates for this year
and 2010. []
"The market is increasingly recognizing that oil demand is
indeed recovering," said Mike Wittner at Societe Generale.
"That's based on two things -- stabilisation in U.S. demand and
strong growth in Chinese demand."
"But it's a bit of a stretch to say that slowly improving
fundamentals have caused oil prices to go up by $5 in the past
week. The dollar-inflation story has been a part of that."
CHINESE IMPORTS
Asian and European data on Wednesday supported a more
optimistic view of the economy.
Chinese trade figures provided fresh evidence of recovery
in the world's second-largest oil user, while oil data showed
strong year-on-year growth in China's oil imports in September.
[] []
And Euro zone industrial output accelerated month-on-month
in August, while July production was revised upwards, providing
evidence the area's economy is likely to have started growing
in the third quarter. []
Earnings are due this week from several major U.S.
companies, and the oil market is tracking results for signs of
economic rebound.
JPMorgan Chase & Co <JPM.N> reported a sharp rise in
third-quarter results, helping to bump up U.S. stocks on
Wednesday. []
Cold weather in the United States has also supported
prices. Heating demand will be higher than normal this week,
the National Weather Service said on Monday. []
U.S. inventory data from the American Petroleum Institute
was due later on Wednesday, the latest indication of demand in
the world's top consumer. A Reuters poll forecasts a
700,000-barrel rise in crude stocks. []
Analysts who use past price moves to predict future
direction said a further rally would depend on U.S. crude, also
known as WTI, closing above $75 resistance.
"The advance in WTI is in our view purely technical and
dollar linked -- hence reversals can be sharp when and if the
dollar stops to fall off the cliff," said Olivier Jakob,
analyst at Petromatrix.
(Reporting by Alex Lawler in London, additional reporting by
Edward McAllister in New York, Jennifer Tan in Singapore;
Editing by David Gregorio)
