NEW YORK (Reuters) - Oil prices pulled out of a two-day slump on Thursday, supported by a rebound on Wall Street and losses in the dollar.

U.S. crude for October rose $1.06 to settle at $72.49 a barrel, after dipping as low as $69.83 earlier in the day on worries about high commercial crude inventories and weak demand. In London, Brent crude rose 86 cents to $72.51.

"As things stand, the underlying influence of equities and the dollar remain in place," said Tom Knight, trader at Truman Arnold in Texarkana, Texas.

Wall Street stocks pushed higher, bolstered by news that plane maker Boeing expects the first flight of its long-delayed 787 Dreamliner by the end of the year and some better-than-expected GDP and jobs data.

The U.S. dollar, meanwhile, dipped against the euro -- a factor that can enhance the purchasing power of commodity buyers using other currencies.

Oil's gains ended a steep slide since Tuesday, when prices touched a 10-month high of $75 a barrel. That slide had been tied to back-to-back reports showing a surprise increase in U.S. oil inventories.

Analysts said oil prices were unlikely to push much higher in the near term, after surging around 120 percent since February.

"The market would need a strong reason to break $75," said Petromatrix analyst Olivier Jakob. "It would need continuous support from equities and the dollar and further support from the statistics."

Oil also has not received much support from the 2009 Atlantic hurricane season.

Tropical Storm Danny was expected to slowly become the season's second hurricane over the next couple of days, but it posed no foreseeable threat to the Gulf of Mexico oil area and was expected to stay well out in the Atlantic Ocean, the U.S. National Hurricane Center said.

(Additional reporting by Emma Farge in London)