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.