Cameron Hanover – Daily Energy Hedger – August 2, 2010

Oil prices were lower for much of Friday’s trading session, but they rallied late in the day to close decisively in positive territory. The day started on a disappointing note, after traders and investors reacted to the Commerce Department’s figures for second quarter growth. The report showed a growth rate of 2.4%, which was slightly below the consensus, which was calling for an increase of 2.5%. That set the early tome, and prices were weaker, along with equities through much of the day’s early trading.