Oil prices are holding above $76 per barrel, its highest level in a week on Friday morning in Asia as weekly data showed large draw in inventories. Energy Information Administration's (EIA) weekly report, crude oil stockpiles in the United States for the week ending August 2 dropped by 3.728 million barrels, compared to a fall of 3.436 million barrels in the previous week. Besides, positive US jobs data yesterday eased fears of a possible recession in the country, easing demand concerns for the commodity. However, sluggish oil demand from biggest importer China that showed crude imports dropped to 10.01 million barrels per day in July could weigh on the commodity. Currently, the counter is quoting at 476.32 per barrel, up 0.17% on the day.

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