MW: Crude-oil prices reverse course under $79 a barrel
By Kate Gibson, MarketWatch
NEW YORK (MarketWatch) -- Crude-oil futures on Friday retreated from near month highs as the commodity lost gains that came with better-than-expected European data.
"Focus is now on the release of the European bank stress tests, released later today," said Action Economics.
After rising above $79 a barrel, crude-oil futures for September delivery were lately off 73 cents at $78.58 a barrel in electronic trade on the New York Mercantile Exchange.
On Thursday, the contract gained $2.74, or 3.6%, to $79.30 a barrel. The commodity tracked the rally in stocks after EBay Inc. (EBAY 20.83, -0.11, -0.53%) and others reported results that beat Wall Street's expectations.
In the Gulf of Mexico, efforts by BP Plc (BP 36.69, +0.46, +1.27%) to plug its well were on hold as Tropical Storm Bonnie headed toward Florida. It was expected to hit later Friday before moving over the eastern gulf Friday night and Saturday.
