Oil gives up $78 level on sour sentiment

FXstreet.com (Barcelona) - Crude Oil for September delivery surrendered yesterday's gains amid fears concerning a slower than expected US economic growth, once the official figures are confirmed later today. Interestingly, European investors began to surmise the assumption, also aided by the revival of risk aversion in global markets.

Oil quotes developed a downward bias throughout the European morning, to the extend of loosing $78.00 mark, after reaching as far as $78.65 in NY close. The slump sent the price to flirt around daily lows near $77.60, a 0.80% decrease from previous close. The likelihood that price ends a 4th straight week within the $75-$80 range is very high.

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