oil info

Crude-oil futures have lost 2.2% on the week. Oil has closed lower for eight consecutive sessions and ended down more than 2% on Thursday.

Oil's midmorning rebound tracked a bounce for U.S. stocks.

Financial stocks posted gains on Friday and were key for the reversal of fortunes for U.S. equities, which started the day lower. Investors felt relief the banking reform cleared the U.S. Senate.

But skittish investors continued to shy away from commodities and other investments considered risky.

"It's the flight from risk again," said Brad Samples, a commodity analyst with Summit Energy in Louisville, Ky. "People are piling on Treasurys and out of anything that hints of risk."


The recent efforts of European government and institutions, including a multibillion dollar rescue package, "are not enough to stem concerns about contagion," Samples added. Analysts at Summit believe oil may be headed to the lower $50s if the below-$70s weakness persists, he said.
MarketWatch.