Oil rebounds as stocks surge

BANGKOK (AP) — Oil prices rose to near $75 a barrel Friday in Asia as investors set aside worries about the European debt crisis and focused on rising stock markets and improving economic data.

Benchmark crude for July delivery was up 18 cents at $74.73 a barrel at mid-afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract on Thursday leapt $3.04 to settle at $74.55.

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.

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