After the world's largest oil cartel said it would not need to increase production soon, crude oil prices rose to nearly $76 per barrel in New York on Thursday.

A predicted rise in demand for 2010 had not changed although a forecast of economic growth had improved, said the Organization of Petroleum Exporting Countries June report.

Demand for oil would rise less than 1 million barrels per day this year, OPEC has said.

Global economic growth was revised up from 3.5 percent for the year in last month's report to 3.8 percent.

July delivery crude oil futures on the New York Mercantile Exchange added $1.18 to a prior settlement to reach $75.56 per barrel.

To reach $2.0367 per gallon heating oil prices for July gained 0.0271 cents.

Reformulated gasoline blend-stock prices rose 0.0383 cents to $2.078 per gallon.

It has been also reported that Henry Hub natural gas prices rose 0.02 cents to $4.697 per million British thermal units.

AAA said that the national average price for unleaded regular gasoline at the pump fell to $2.706 per gallon Thursday from Wednesday's $2.713. (With Inputs from Agencies)