Oil futures climbed sharply on Friday, leading U.S. prices to turn higher for the month. “The oil market selloff got out of control,” said Edward Moya, senior market analyst at OANDA. “The pulse of the U.S. economy is not too bad if you ask the Atlanta Fed,” he said. If the U.S. economy “comes anywhere close to growing at 1.7% in the second quarter, oil prices will probably be much higher.” June West Texas Intermediate crude CLM23 rose $2.02, or 2.7%, to settle at $76.78 a barrel on the New York Mercantile Exchange. Based on the front-month contract, prices lost 1.4% for the week but gained 1.5% for the month, according to Dow Jones Market data.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.