AFP - The price of oil surged to a one-year high close to 76 dollars on Thursday as the US currency tumbled, equity markets soared and following more strong company earnings, analysts said.

In early morning Asian trade, New York's main contract, light sweet crude for delivery in November spiked to 75.96 dollars a barrel, a level last reached in mid-October 2008.

The contract later stood at 75.56 dollars, up 38 cents from Wednesday's close.

Brent North Sea crude for November delivery advanced 46 cents to 73.56 dollars a barrel in morning London trade. The November Brent contract expires at the close Thursday.

"The financial winds that blew prices higher last week looked set to blow in the same direction this week," said PVM oil analyst David Hufton.

"Exciting results from JP Morgan and Intel, an increase in non-car US sales and improved export and import data from China stoked the financial fire.

"The Dow broke through 10,000 points, gold hit 1,070 dollars per ounce, the dollar weakened further and New York crude has pushed higher overnight to reach 75.96 dollars per barrel."

In foreign exchange deals on Thursday, the dollar tumbled to a fresh 14-month low against the European single currency, as surging global share prices spurred investor appetite for riskier currencies, dealers said.

At 0615 GMT, the euro jumped as high as 1.4968 dollars -- its highest level since August 2008 -- up from 1.4922 in New York late on Wednesday.

A weak US unit stimulates demand for dollar-denominated commodities such as crude oil because they become cheaper for foreign buyers holding stronger currencies.

New York crude had already surged above 75 dollars on Wednesday 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.

World equity markets mostly pushed higher on Thursday, a day after US stocks soared to the highest level since October 2008 when global markets were in freefall following the collapse of Lehman Brothers.

Investors cheered stronger-than-expected earnings from computer chip giant Intel and Wall Street bank JPMorgan Chase that propelled the Dow Jones Industrial Average above 10,000 points.

On Thursday meanwhile, oil traders awaited the weekly US energy inventories report, which is due for publication one day later than normal owing to the Columbus Day holiday on Monday in the United States.