SINGAPORE (Commodity Online): Global oil prices advanced past $75 a barrel mark in Asian trade Friday mainly after China denied reports of its Eurozone disinvestments.
Light sweet crude for July delivery was seen trading at $75.01 a barrel at 11.30 a.m Singapore time while in London, the Brent crude July contact was up 8 cents to $74.74 on the ICE futures exchange.
The contract has recovered firmly from a May 20 low of $64.24, the lowest since July 2009.
Earlier this month crude prices were as high as $87.15 a barrel, before they were dragged down by worries that Europe's debt crisis could undermine the global economic recovery.
Analysts said gains in U.S. and Asian stocks also boosted oil prices as did encouraging economic news.
U.S. economy grew at a 3 percent annual rate in the first quarter, albeit slower than initially thought, official reports said Thursday.
Oil also received support from a forecast by the top U.S. government climate agency that the Atlantic storm season may be the most intense since 2005, when Hurricane Katrina devastated
In its first outlook for the storm season that begins next Tuesday, the National Oceanic and Atmospheric Administration forecast 14 to 23 named storms, with eight to 14 turning into hurricanes, nearly matching 2005's record of 15.
On Thursday, oil prices surged about four percent as the euro rebounded and global stock markets bounced higher.
New York's main contract, light sweet crude for delivery in July, soared $3.04 to close at $74.55 a barrel. Brent crude for July jumped $2.92 to settle at $74.66 .
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.