Oil Rebound Just Falls Short Of $80

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Photo: Flickr via carf

After a brutal four days, crude and natural gas ended the week on a high note as news that a low-pressure system had moved into the Gulf area.August WTI contracts gained nearly 2 per cent to close at $79.72, while natgas ended up 1.70 per cent to finish the week at $2.69.

Marketwatch’s Claudia Assis reported the National Hurricane centre was poised to upgrade a fast-moving weather system to a tropical cyclone in the coming days. 

Bargain hunting almost certainly brought prices up as well, she noted, given crude continues to trade at annual lows.

Major players were mostly flat. Devon was up 1.28 per cent, while Chesapeake had gained 1.16 per cent. Halliburton and Schlumberger were both trading lower.  

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