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Oil cascades near to USD 75 a barrel

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On Monday, Oil prices floated close to USD 75 a barrel in Asia, buoyed by rallying global stock markets and improving investor sentiment.

On the New York Mercantile Exchange, Benchmark crude for October delivery was downhill 38 cents at USD 74.79 a barrel at late afternoon Singapore time in electronic trading The contract rose USD 1.81 to settle at USD 75.17 on Friday.

In other Nymex trading in September contracts, heating oil fell 0.67 cent to USD 2.038 a gallon and gasoline added 0.31 cent to USD 1.951 a gallon. Natural gas for October delivery was stable at USD 3.704 per 1,000 cubic feet.

On the ICE futures exchange, Brent crude was downhill 55 cents to USD 76.10 a barrel.