News Service from House Harris

URGENT

URGENT

Oil prices spike to highest level this year

Eds: APNewsNow; UPDATES with price spking to highest level this year

before falling back. Moving on general news and financial services.

Associated Press Writer

VIENNA (AP) - Oil prices have hit their highest level this year

after a strong rise in China's bellwether stock market gave global

investors confidence.

Benchmark crude for October delivery is up $1.11 to $74.2 a

barrel by afternoon European electronic trading on the New York

Mercantile Exchange. On Thursday, the contract fell 92 cents to

settle at $72.91.

In earlier intraday trading, crude gained $1.51, briefly hitting

$74.05 a barrel - the highest it has been this year.

The crude market is taking its cue from stocks after European

indexes and Wall Street futures rose on the advance in China.

AP-TK-21-08-09 1339GMT