Oil Prices Climb To $74pb

Crude oil prices held under $75 per barrel on the New York Mercantile Exchange last Friday after a commodities surge in the previous session on Thursday.

Crude oil prices headed slightly higher early Friday, adding 6 cents to reach $74.61 per barrel.

World oil prices had surged about four per cent on Thursday as the euro rebounded and global stock markets bounced higher, traders said.

New York’s main contract, light sweet crude for delivery in July, soared 3.04 dollars to close at 74.55 dollars a barrel.

London’s Brent North Sea crude for July jumped 2.92 dollars to settle at 74.66 dollars.

Global share prices and the euro rebounded on Thursday, aided by easing concerns over the eurozone financial crisis and tensions between North and South Korea, dealers said.

Markets were also boosted as China brushed aside reports it was reviewing holdings of eurozone debt.

“As outside markets continue to reflect less fear and more optimism, oil influences may conspire to move oil more solidly into the 70-75 dollar range,” said analysts at the Sucden Financial Research brokerage in a note.

In late afternoon New York trade, the European single currency rose to 1.2368 dollars, up from 1.2181 dollars in late New York trade on Wednesday.

A weaker US unit makes dollar-priced crude cheaper for buyers using stronger currencies, which therefore tends to stimulate oil demand and push prices higher.