U.S. crude futures bounce up, settle near $79/bbl

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)