Oil prices rose to $58 a barrel Friday as better than expected U.S. unemployment figures boosted the mood among investors betting that a year-end recovery in the global economy will help oil demand, according to The Associated Press.

Traders have shaken off weeks of dismal economic news to focus on recent signs that the slowdown has eased and a recovery could gain steam by the end of the year - even though many analysts warn oil demand is still weak and stocks remain high.