Oil prices rose to near $76 a barrel Friday in Asia, following stock markets higher as confidence rose the global economic recovery remains intact.
Benchmark crude for August delivery was up 47 cents to $75.91 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract rose $1.37 to settle at $75.44 on Thursday.
Signs the global economic recovery remains on track eased fears of a new recession and helped boost investor confidence.
The Labor Department said Thursday that initial jobless claims fell last week to the lowest level since early May, and the International Monetary Fund raised its 2010 world …
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