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Crude oil surged on Friday but couldn't hold above $80 per barrel. Prices were boosted by a better-than-forecast gross domestic product report and some mixed jobs data.
Light sweet crude oil for December delivery rose to $79.87 per barrel, up $2.41 on the session. Prices reached as high as $80.46 earlier in the session.
A Commerce Department advance estimate showed gross domestic product increased 3.5% annually in the third quarter compared to a 0.7% decrease in the second quarter. Economists had been expecting GDP to increase by 3.2 percent.
Also, the U.S. Labor Department revealed that initial jobless claims slipped to 530,000 for the week ended October 24. This was down 1,000 from the previous week's revised total of 531,000.
A weaker dollar also added to crude's hedge value. The dollar fell back toward $1.48 against the euro after reaching a 2 1/2-week high yesterday. The buck fell to a six-day low against the pound.
Oil had dropped more than $2 on Wednesday as gasoline stockpiles unexpectedly rose 1.7 million barrels last week, according to the Energy Information Administration. crude oil inventories rose just 800,000 barrels in the week ending October 23. Economists were looking for a much bigger build of 1.8 million barrels.
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