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nikkir
 Post subject: "Oil Slips,But Gains On Week As Storm Nears"
PostPosted: Thu Jul 29, 2010 1:13 am 
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U.S. crude oil prices hit an 11-week high above $79 per barrel on Friday then retreated to close lower, as markets digested the European bank stress test results while taking support from the temporary loss of some Gulf of Mexico oil production ahead of Tropical Storm Bonnie. U.S. Crude oil for September delivery fell 32 cents, or 0.4 percent, to settle at $78.98 a barrel, trading from $78.40 to $79.60, the highest front-month crude price since $80.39 was struck May 6. Supportive economic data and the strengthening of Bonnie lifted oil prices 3.58 percent on Thursday. For the week, U.S. front-month crude gained $2.97, or 3.91 percent, after dipping 8 cents to $76.01 last week.

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