Oil hovers around US$79 for four days in a row

28-Jul-10

Crude oil has traded at levels near US$79 a barrel for the fourth day in a row as concerns over US fuel supply gains outweighed rising equity markets. The Commerce Department said home purchases climbed 24% in June to an annual pace of 330,000, boosting the outlook for an economic recovery. Crude oil for September delivery traded at $78.96 a barrel in electronic trading on the Nymex, remaining largely unchanged- the first day since September that oil closed unchanged.