US crude oil futures turned positive to end the month higher on July 30, shrugging off earlier concerns about the pace of economic growth amid mixed data and lifted by a late rally in refined products futures as August contracts expired.
Front-month crude futures prices ended July up US$3.29 or 4.35 percent from the end of June, though for the week the ended six cents or 0.07 percent lower.
US crude for September delivery rose 59 cents to settle at US$78.95 a barrel, trading from US$76.83 to US$79.05.
ICE Brent also rose 59 cents to settle at US$78.18 a barrel, having traded from US$76.20 to US$78.31.
Crude futures slumped early on July 30 after data showed economic growth in the United States slowed in the second quarter.
Gross domestic product expanded at a 2.4 percent annual rate, just under expectations, after a revised 3.7 percent growth pace in the first quarter.
US consumer sentiment slumped in July to the lowest level since November also provided pressure on oil, although there was a slim improvement in late July from early July.
Also supportive was a report of positive business activity in the U.S. Midwest and another showing a leading indicator index that was stronger helped pull oil prices off their lows.
While the euro weakened against the dollar, the greenback hit multi-month lows against the Japanese yen and the dollar index.
A weak dollar often supports prices for dollar-denominated oil, making it cheaper for buyers using other currencies and lowering the value of the dollars producers receive.
(VOVNews/Reuters)
