Watch CBSN Live

Oil Prices Hit Year-High of $74 a Barrel

Oil prices have hit their highest level this year after a strong rise in China's bellwether stock market gave global investors confidence.

Benchmark crude for October delivery is up $1.11 to $74.2 a barrel by afternoon European electronic trading on the New York Mercantile Exchange. On Thursday, the contract fell 92 cents to settle at $72.91.

In earlier intraday trading, crude gained $1.51, briefly hitting $74.05 a barrel - the highest it has been this year.

The crude market is taking its cue from stocks after European indexes and Wall Street futures rose on the advance in China.

View CBS News In
CBS News App Open
Chrome Safari Continue