Oil prices rose slightly on Friday on rising hopes that global economic recovery would help pick up energy demand.

Light, sweet crude for October delivery ended 25 cents higher to 72.74 U.S. dollars a barrel on the New York Mercantile Exchange, ending the week with a 1.6 percent drop.

Among the positive reports Friday, the Commerce Department said that consumer spending rose 0.2 percent in July while data showed the British economy shrank slightly less than expected in the second quarter.

Oil prices have found support from optimism that a potential turnaround in the economy could boost flagging fuel consumption, which sent the futures up to a fresh ten-month high in the beginning of the week. However, after failing to break the 75- dollar psychological barrier, some analysts believed more evidence were needed to back up the optimistic sentiment in the market.

In London, Brent Crude for October delivery gained 24 cents to 72.75 dollars a barrel on the ICE Futures exchange.