An upturn in economic sentiments props oil prices above US$75

Propped by improving economic figures and China's display of support for Europe's recovery, oil prices have risen past US$75 a barrel on Friday. This has taken the week's rally, to over six dollars, making it the strongest in over nine months. China has expressed confidence in Europe's ability to find a path out of its recent debt troubles and US suspension of deepwater drilling for six months in response to the oil disaster in the Gulf of Mexico, amid gains in US and Asian stocks coupled with a US government report that the overall economy grew at an annual rate of 3% in Q1-10 has added momentum. Benchmark crude for December delivery rose to US$75.2 on the Nymex, and in London, Brent crude July contract rose to US$75.29 on the ICE futures exchange.
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