Oil prices rose on Friday, with Brent nearing $118, as investors anticipated U.S. payrolls data later in the session will confirm the improving economic outlook of the world's largest oil importer.
Fighting in Libya, where Muammar Gaddafi's forces appear to have regained the upper hand, also supported crude prices as the prospect of a drawn-out conflict reduced expectations of lost Libyan oil returning to the market in the near future.
Brent futures for May delivery rose 19 cents to $117.55 by 4:01 a.m. ET, close to the highest level in almost four weeks. U.S. crude futures were up 35 cents to $107.07 after earlier hitting $107.65, an intraday peak last touched in September 2008.
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