By Tom Stundza -- Purchasing, 7/27/2007 4:41:00 PM
Oil prices spot and futures prices spent Friday around $76/barrel Friday, as speculative buying and reduced inventories offset futures market worries that a slowing U.S. economy would cut petroleum consumption. Sharp falls in global stock markets, triggered by weak U.S. housing data and tightening credit markets, had dragged crude more than $1 lower late on Thursday. But, the price of crude oil “recovered its poise on Friday,” Reuters News Service reports, remaining within sight of its record high above $78.
Crude prices had slumped Wednesday on concern a big slide in U.S. equities could be a signal U.S. demand will slow. But, Friday’s report that U.S. growth of 3.4% was the most since the first quarter of 2006 and gave some confidence demand for oil is healthy. Crude prices on New York futures markets are up about 20% in the past two months--rising on forecasts for a coming supply crunch, concerns about Nigerian production and as a flood of speculative money has poured back in to the market. Traders tell Dow Jones Newswires the market is looking to challenge their record close of $77.03 a barrel and intraday high of $78.40 a barrel set in July 2006.
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