Updated with recent oil and stock prices.

NEW YORK (

TheStreet

) -- Oil raced out of the gate on Friday, passing $74 and touching a high for the year as equities strengthened and the dollar weakened.

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Light, sweet crude for the new front-month October contract climbed 1.21 to $74.12 per barrel on the New York Mercantile Exchange Friday morning. Earlier, the contract hit $74.48, marking its highest intraday price since late last year.

Encouraging data from the euro zone this morning helped push the euro higher against the dollar as well. A slumping dollar has helped boost dollar-denominated commodities like crude at various points in recent months.

Just after the opening bell, shares of

Exxon Mobil

(XOM) - Get Report

,

Chevron

(CVX) - Get Report

, and

ConocoPhillips

(COP) - Get Report

were adding 1.3%, 1.2% and 1.5%, respectively.

Marathon Oil

(MRO) - Get Report

was rising 1.8%, while American depositary shares for

BP

(BP) - Get Report

were moving up 2.1% after the open.

-- Reported by Sung Moss in New York

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