Oil prices rose above $75 a barrel Friday, boosted by a weaker dollar and rising global stock markets while investors looked to U.S. economic indicators for signs crude demand may be improving.
By early afternoon in Europe, benchmark crude for October delivery was up 61 cents to $75.18 a barrel in electronic trading on the New York Mercantile Exchange. The contract lost $1.45 to settle at $74.57 on Thursday.
Oil prices have traded near $75 a barrel for most of the past year as the global economy emerges from last year's recession, but crude demand remains weak in developed countries.
Crude traders pay close attention to U.S. economic indicators to shed light on oil consumption and to stock markets as a barometer of overall investor sentiment. Most Asian and European stock markets were higher Friday.
A weaker dollar was also seen lifting prices by making crude cheaper for investors holding other currencies.
The euro rose to $1.3130 on Friday from $1.3080 late Thursday in New York on, while the British pound was worth $1.5683, up from $1.5640.
