Oil Tops $75 a Barrel in 12-Month High

Oil held at more than $75 a barrel early Thursday, a one-year high, in advance of an Energy Department report on weekly inventories, Bloomberg reported.

Crude futures rose more than $1 Wednesday to close at $75.18 on the New York Mercantile Exchange, marking a 5% gain this week, Bloomberg said.

DOE will release its weekly report on inventories of oil, gasoline and distillate fuels, which include diesel, Thursday morning in Washington.

Distillate stockpiles have risen over the past seven weeks to 171.8 million barrels, the highest since January 1983, Bloomberg said.