July crude oil traded in negative territory throughout the session but managed to recoup a large portion of its early deficit by the close. Early weakness in the market appeared to come from uncertainty surrounding the European debt situation and ideas that crude oil supplies could be running ahead of demand.
Into the early morning low, July crude oil prices were off more than $5.00 from yesterday's high of $87.00. Some traders also suggested that there was a level of concern in the market that upcoming Chinese data releases this weekend might indicate a deeper than expected economic slowdown. July crude oil prices managed to post a $0.90 gain on the week and finish in the middle of a wide $5.80 range.
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