Oil hit a fresh 11-month high having already risen for nine days running and is still well supported by concerns of a global supply crunch and on technical trading.
'It's pure supply and demand,' said Andy Henderson, a trader at CMC Markets. 'There's a lot of technical resistance at these levels, but we've already broken through a couple of points today. The next stop's 74 usd.'
At 4.18 pm, London's benchmark Brent crude contracts for August delivery were up 47 cents at 76.25 usd a barrel, having hit an intra-day high, and the peak price in 11 months of 76.35 usd.
Meanwhile, New York crude contracts for August delivery were up 61 cents at 72.80 usd a barrel.
Recent highs have been propelled by global supply fears caused by violence in key producer Nigeria, upcoming North Sea oil maintenance and refinery issues in the US during the peak gasoline demand summer driving season.
The 10-day rally has attracted a swathe of non-physical investors, pushing prices already boosted by global supply fears to even higher levels.
Last year Brent prices struck an all time high of 78.65 usd.
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