NEW YORK (CNNMoney.com) -- Oil prices settled above $77 a barrel Friday after a day of choppy trading and continued concerns about oversupply of crude and slower global economic growth.
What prices are doing: Crude oil for July delivery rose 39 cents, or 0.5%, to settle at $77.18 a barrel.
 |
| Click the chart to view the current price of oil and other commodities. |
The national average price for a gallon of regular unleaded gasoline rose to $2.719, from the previous day's price of $2.707, according to motorist group AAA.
What's moving the market: After falling as low as $68.01 a barrel in May, oil has recovered some of those losses in June, but concerns about Europe's debt crisis and a slower economic recovery in the United States continue to weigh on investors.
Recent government reports have also shown U.S. crude stockpiles are above their upper limits. Oversupply puts downward pressure on oil prices as traders anticipated an economic recovery to boost demand for fuel.
Oil prices were driven by technical trading Friday, as a July futures option contract sets to expire next week, said Phil Streible, a senior market strategist with futures broker Lind-Waldock. Trading was choppy throughout the day.
BP oil spill: Shares of BP (BP) rallied more than 5% before the opening bell Friday, but then pared back those gains after Moody's Investors Service downgraded the oil giant's corporate bonds by three notches to a lower investment grade.
Testifying Thursday on Capitol Hill, BP's chief executive Tony Hayward repeatedly dodged questions about the construction of the exploded well that led to the Gulf of Mexico oil spill disaster.
Earlier this week, BP said it was canceling its quarterly dividend and establishing a $20 billion fund to cover damages related to the Gulf oil spill. 
| Overnight Avg Rate | Latest | Change | Last Week |
|---|---|---|---|
| 30 yr fixed | 3.80% | 3.88% | |
| 15 yr fixed | 3.20% | 3.23% | |
| 5/1 ARM | 3.84% | 3.88% | |
| 30 yr refi | 3.82% | 3.93% | |
| 15 yr refi | 3.20% | 3.23% |
Today's featured rates:
| Index | Last | Change | % Change |
|---|---|---|---|
| Dow | 32,627.97 | -234.33 | -0.71% |
| Nasdaq | 13,215.24 | 99.07 | 0.76% |
| S&P 500 | 3,913.10 | -2.36 | -0.06% |
| Treasuries | 1.73 | 0.00 | 0.12% |
| Company | Price | Change | % Change |
|---|---|---|---|
| Ford Motor Co | 8.29 | 0.05 | 0.61% |
| Advanced Micro Devic... | 54.59 | 0.70 | 1.30% |
| Cisco Systems Inc | 47.49 | -2.44 | -4.89% |
| General Electric Co | 13.00 | -0.16 | -1.22% |
| Kraft Heinz Co | 27.84 | -2.20 | -7.32% |
|
Bankrupt toy retailer tells bankruptcy court it is looking at possibly reviving the Toys 'R' Us and Babies 'R' Us brands. More |
Land O'Lakes CEO Beth Ford charts her career path, from her first job to becoming the first openly gay CEO at a Fortune 500 company in an interview with CNN's Boss Files. More |
Honda and General Motors are creating a new generation of fully autonomous vehicles. More |
In 1998, Ntsiki Biyela won a scholarship to study wine making. Now she's about to launch her own brand. More |
Whether you hedge inflation or look for a return that outpaces inflation, here's how to prepare. More |
