MW: Oil futures rise for third day as data not as bad as feared
By Kate Gibson, MarketWatch
NEW YORK (MarketWatch) -- Oil prices on Friday climbed for a third day after the government's latest reading on U.S. economic growth proved less dreary than investors had anticipated. See story on U.S. economic growth
The government on Friday cut its estimate of second-quarter growth in the U.S. economy to 1.6% from 2.4%. Economists polled by MarketWatch had anticipated an even sharper downward revision in the second quarter, to 1.3% growth.
Near neutral ahead of the Department of Commerce report, crude-oil futures were lately up 16 cents at $73.52 a barrel in electronic trading on the New York Mercantile Exchange.
Oil has fallen from a high of $82.55 a barrel earlier in the month, but the commodity has drawn buyers in recent days.
Investors may get a second take on U.S. economic growth from Federal Reserve Chairman Ben Bernanke, who is slated to deliver a speech at 10 a.m. Eastern time.
Read preview of Ben Bernanke's speech
"Recent weakness in U.S. data has raised concerns over the energy demand outlook as total petroleum inventories reached their highest level since weekly records began in 1990," wrote analysts at Action Economics.
