Following three days of retreat, crude oil soared back by up to 1.8 percent as the dollar and equities picked up some gains and further pushed the lingering allure of commodities to investors as the other pot for securing their money.

The Euro may have sustained its marathon struggle against the US dollar but the continent itself breathed some fresh air as Polish and Portuguese bonds saw spiking up demand, which also drove frantic interests on oil that only settled as the Federal Reserve released its observation that "the US economy is giving out widespread signs of a deceleration."

Crude oil for the October deliveries shot up by US 56 cents to fetch a price of $US74.65 per barrel on the New York Mercantile Exchange floor trading but not before reaching a high of $US75.39, showcasing some muscles for a commodity that has seen some five percent of price improvements since last year.

Also, Brent crude oil on the ICE future deliveries closed at $78.17 per barrel, inching higher by up to 43 cents from the previous trading session.

The gains were largely spurred by impressive pick ups seen in US and European stocks as bond offerings in Portugal and Poland enticed both higher demands and values while Czech Republics' sale of its three-year bonds delivered benefits of reduced borrowing costs.

Oil Outlooks & Opinions LLC President Carl Larry was quoted by Bloomberg as saying that "equities and dollar are pushing things along and we are starting to see a little more of the investment side in the market and the volumes are picking up after a slow August."