Oil settled at 10-week high today on a weaker U.S. dollar, rising demand forecasts and production cuts. U.S. West Texas Intermediate (WTI) crude rose $1.84 per barrel, or 2.5% per cent, to settle at $74.83 per barrel. Brent futures rose US$1.71 per barrel, or 2.2%, to settle at US$79.40 per barrel. Brent’s settlement was its highest since April 28 and WTI’s since May 1. Brent is technically in overbought territory for the second time in three days. U.S. crude oil, gasoline and distillate inventories all rose last week, according to market sources citing American Petroleum Institute figures.