SINGAPORE (Commodity Online) : Global oil prices rose above $72 a barrel in Asian trade Friday following an overnight rally and a weakening dollar.

Light sweet crude for October delivery, was seen trading at $72.62 a barrel at 12 noon Singapore time while Brent crude for October settlement was at $72.64 a barrel.

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On Thursday, the contract rose $1.06, or 1.5 percent, to settle at $72.49 a barrel. Futures are poised to fall 1.6 percent this week. Brent crude rose 86 cents, or 1.2 percent, to $72.51 a barrel Thursday..

Oil pared this week’s decline as Asian equities climbed, reinforcing expectations of an economic recovery. The U.S. economy contracted at a less-than-expected 1 percent in the second quarter, the government said Thursday

U.S. Crude Oil stockpiles last week were “above average” for this time of the year, the Energy Department said Aug. 26. US inventories of crude oil rose 128,000 barrels last week to 343.8 million, the Energy Department said in a report.

Crude oil reached a 10-month intraday high of $75 a barrel on Aug. 25 and has since fallen 3.2 percent.

A weakened dollar also pushed oil prices up, other analysts said. A weaker greenback makes dollar-priced oil cheaper for buyers using stronger currencies.

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