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Oil finished a choppy session higher on Friday as traders continued to show optimism the global economy is on the mend, which would improve energy demand.
Light sweet crude for September delivery dropped to $68.05 per barrel, up 89 cents for the session. Prices touched as low as $66.46, but later touched as high as $68.18.
September oil, which took over as the front-month contract after Tuesday, surged $7.49 on the week. Crude has gained in seven of eight sessions.
The greenback saw mild weakness against the euro, surrendering slight gains from late yesterday. The buck saw modest strength against the British pound after a government report showed that the U.K. economy contracted more than expected in the second quarter.
On the economic front, the Reuters and the University of Michigan released a report showing that consumer sentiment index for July came in at 66.0 compared to the preliminary reading of 64.6, although it remains below a reading of 70.8 for June. Economists had expected the index to be revised up to 65.0.
On the economic front Friday, the University of Michigan/Reuters revised consumer sentiment index came in at 66.0 for July. Economists expected a reading of 64.6.
Earlier in the week, the Energy Information Administration data released showed crude oil inventories decreased by 1.8 million barrels in the week ended July 17. Experts were looking for a drop of about 2 million barrels. Gasoline inventories increased by 800,000 barrels last week.
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