22 June 2012 21:31 [Source: ICIS news]
HOUSTON (ICIS)--West Texas Intermediate (WTI) for August delivery settled at $79.76/bbl on Friday, up $1.56 versus the previous close, recovering a portion of recent losses on correction to oversold conditions.
After hitting 18-month lows, the market experienced a round of buying as everything that fell on Thursday rebounded.
The stock market rallied and the euro shifted higher against the dollar.
Market participants were also keeping an eye on a weather formation in the Gulf of Mexico, which could affect offshore oil production.
August WTI bounced back above the $80.00 barrier and topped out at $80.37/bbl, up $2.17/bbl, but the market bias remained to the downside and the rally was eventually seen as a selling opportunity.
ICE Brent for August delivery topped out at $91.70/bbl before settling at $90.98/bbl, up $1.75.
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