A man walks past an electric stock price indicator in Tokyo, Wednesday, Jan. 16, 2013. Japan’s benchmark index toppled off a 32-month high Wednesday after its currency’s downward slide went into reverse. (AP Photo/Shizuo Kambayashi)
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A man walks past an electric stock price indicator in Tokyo, Wednesday, Jan. 16, 2013. Japan’s benchmark index toppled off a 32-month high Wednesday after its currency’s downward slide went into reverse. (AP Photo/Shizuo Kambayashi)
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Men watch an electric stock price indicator in Tokyo, Wednesday, Jan. 16, 2013. Japan’s benchmark index toppled off a 32-month high Wednesday after its currency’s downward slide went into reverse. (AP Photo/Shizuo Kambayashi)
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A man watches an electric price display of a securities firm in Tokyo, Wednesday, Jan. 16, 2013. Japan’s benchmark index toppled off a 32-month high Wednesday after its currency’s downward slide went into reverse. (AP Photo/Shizuo Kambayashi)
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Philippine Stock Exchange President and CEO Hans Sicat, second from right, gestures as PSE treasurer Ma. Vivian Yuchengco rings the bell to signal the start of the first day of trading at Philippine Stock Exchange at the financial district of Makati, south of Manila, Philippines on Wednesday Jan. 2, 2013. Stock markets in Asia registered relief Wednesday over the U.S. congressional vote to stop hundreds of billions of dollars in automatic tax increases and spending cuts that risked plunging the world's biggest economy into recession. (AP Photo/Aaron Favila)
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CORRECTS THE DATE - South Korean dancers in traditional costumes beat their drums during opening ceremony of the Year 2013 trading outside the Seoul Stock Exchange Wednesday, Jan. 2, 2013. The benchmark Korea Composite Stock Price Index (KOSPI) started up 16.69 points, or 0.84 percent, at 2, 013.74. (AP Photo/Ahn Young-joon)
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CORRECTS THE DATE - Staff members of the Korea Stock Exchange Market salute to the national flag during the opening ceremony to commence the Year 2013 trading at the Seoul Stock Exchange Wednesday, Jan. 2, 2013. The benchmark Korea Composite Stock Price Index (KOSPI) started up 16.69 points, or 0.84 percent, at 2, 013.74.(AP Photo/Ahn Young-joon)
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A Filipino trader blows a horn during the first day of trading at Philippine Stock Exchange at the financial district of Makati, south of Manila, Philippines on Wednesday Jan. 2, 2013. Stock markets in Asia registered relief Wednesday over the U.S. congressional vote to stop hundreds of billions of dollars in automatic tax increases and spending cuts that risked plunging the world's biggest economy into recession. (AP Photo/Aaron Favila)
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In this Monday, Dec. 31, 2012, photo, a trader works on the floor at the New York Stock Exchange in New York. World markets registered relief Wednesday Jan. 2, 2013 over the U.S. congressional vote to stop hundreds of billions of dollars in automatic tax increases and spending cuts that risked plunging the world's biggest economy into recession. (AP Photo/Seth Wenig)
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Traders work on the floor at the New York Stock Exchange in New York, Wednesday, Jan. 2, 2013. The “fiscal cliff” compromise, for all its chaos and controversy, was enough to send the stock market shooting higher Wednesday, the first trading day of the new year. (AP Photo/Seth Wenig)
Oil edges above $96 despite growing stockpiles
The price of oil edged above $96 per barrel Friday despite ample stockpiles of crude amid signs of growth in the world's two largest economies.
By early afternoon in Europe, benchmark oil for March delivery was up 32 cents to $96.27 a barrel in electronic trading on the New York Mercantile Exchange. The contract gained 72 cents to finish at $95.95 a barrel on the Nymex on Thursday.
Recent optimism about improving economies in the U.S. and China has helped support an upswing in oil prices. The U.S. housing and jobs markets have shown improvement, while China's manufacturing output has been gaining steam.
However, Michael Hewson of CMC Markets said that "prices could slip back" if crude inventories continue to rise. The Energy Information Administration said Thursday that U.S. oil supplies rose by 2.8 million barrels last week, more than analysts expected. That pushed oil stockpiles to 363.1 million barrels, up 8.5 percent from year-ago levels.
Oil prices also benefited from investors' confident mood, reflected by rising indexes on the main European stock markets and gains by the euro against the dollar.
A weaker dollar makes crude cheaper — and a more attractive investment — for traders using other currencies. On Friday, the euro was up at $1.3436 from $1.3378 late Thursday in New York.
"Crude oil prices extended gains on Friday ... mainly supported by the weaker US dollar that offered strong upside momentum to the market," said a report from Sucden Financial Research in London.
Brent crude, used to price international varieties of oil, was up 35 cents at $113.63 per barrel on the ICE Futures exchange in London. Hewson said the price of Brent is "stuck firmly in a dead zone of inactivity, but near its recent range highs."
In other energy futures trading on Nymex:
— Wholesale gasoline fell 0.12 cent to $2.8755 per gallon.
— Natural gas rose 2.4 cents to $3.47 per 1,000 cubic feet.
— Heating oil added 0.08 cent to $3.0772 a gallon.
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Pamela Sampson in Bangkok contributed to this report.
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