Oil Rises Above $72 on Investor Optimism

By Alex Kennedy

SINGAPORE -- Oil prices climbed above $72 a barrel Thursday in Asia as investor optimism about a global economic recovery pushed crude to fresh highs for the year.

Benchmark crude for July delivery rose 83 cents to $72.16 by midday Singapore time in electronic trading on the New York Mercantile Exchange. On Wednesday, it rose $1.32 to settle at $71.33.

Oil has jumped from below $35 a barrel in March on expectations the worst of a severe U.S. recession was over. Traders are now beginning to price in a recovery by the end of the year and improving crude demand, analysts said. ...