NEW YORK, July 30 (Reuters) - U.S. crude oil futures turned
positive late in the open outcry session on Friday, settling
near $79 a barrel as expiring August gasoline and heating oil
futures contracts rallied and led the complex higher.
Sources said end-of-month trading was also a factor in the
volatility and that crude also gained momentum after an early
slump failed to move below the 50-day moving average and
support around $76.50 a barrel.
Crude futures slumped early on Friday after data showed
economic growth in the United States slowed in the second
quarter and a separate report on slumping consumer sentiment.
But 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. Some tropical
disturbances in the Atlantic basin also were supportive.
On the New York Mercantile Exchange, September crude <CLU0>
rose 59 cents to settle at $78.95 a barrel, trading from $76.83
to $79.05.
(Reporting by Robert Gibbons)