Oil prices lingered above $71 a barrel in Asian trade today spurred by hopes that the worst is over for the ailing global economy, analysts said.
New York's main futures contract, light sweet crude for delivery in July, gained nine cents to $71.46 a barrel.
Brent North Sea crude for August delivery advanced 15 cents to $71.21.
"I think the general mood is that we're past the worst of the downturn," said Mark Pervan, a senior commodities analyst with ANZ Bank in Melbourne.
"It continues to be a pre-emptive market in a sense that they are pricing on positive news."
Positive US data and stronger energy demand energised the market, analysts said.
The US Department of Energy reported a sharper- than-expected fall in crude inventories last week.
On Thursday, a US business research firm said the index of leading economic indicators, a measure of conditions in the coming months, increased 1.2 per cent in May from the previous month, beating market expectations.
The index had been on a downward trend since hitting a peak in July 2007, the Conference Board said.
Developments in the recession-hit US economy are closely monitored because it is the biggest in the world and is a major buyer of the world's exports.
