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Summary The price of oil rose following a two-day drop that pushed crude to its lowest level since October.
Oil prices regained some ground Friday after two days of sharp losses, but the mix of strong production in North America and expectations of dampened global demand kept a lid on prices.In New York West Texas Intermediate crude for August delivery ended $1.56 higher at $79.76 a barrel.Londons benchmark Brent crude for August delivery added 90 cents to $90.98 a barrel, after hitting an 18 month low of $88.49 a barrel in early deals.The prices were still well below those of a week ago, when WTI was at $84 and Brent nearly $98.Oil market sentiment has worsened significantly over the past week, in part by a hardening of attitudes over the likely duration and scale of euro area problems, said Barclays Capital analyst Amrita Sen.Demand expectations lost ground this week after data signalled more weak economic growth in the United States, China and Europe, and US Energy Department figures showed an unexpected expansion of stockpiles as Canadian and US production mounts.
