Coming close to $75 per barrel on the New York Mercantile Exchange Crude oil prices shot up higher on Wednesday.

It has been reported that commodities followed U. S. equity markets, which surged on Wall Street, the Dow Jones industrial average adding 274 points to close above 10,000 for the first time since June 28.

The weaker dollar also gave support to oil prices. The dollar index fell 0.15 percent on Wednesday.

From a prior settlement, August delivery light, sweet crude oil added $2.86 to reach $74.84 per barrel.

To end the day at $1.993 per gallon, heating oil prices for August gained 0.0758 cents.

Reformulated gasoline blend-stock prices rose 0.0537 cents from a prior settlement to $2.025 per gallon.

It has also been reported that Henry Hub natural gas prices for August shed 0.06 cents to $4.622 per million British thermal units.

According to the reports of AAA, the national average price for unleaded regular gasoline at the pump was dropped to $2.721 on Wednesday from Tuesday's $2.724 per gallon. (With Inputs from Agencies)