Oil reverses earlier surge
Oil eased below $73 a barrel on Friday, reversing an earlier surge to a seven-week high, as optimism over the pace of demand recovery in top energy consumer, the United States, faded on the back of mixed economic data.
Oil futures jumped back above $$90 a barrel Friday, adding to the previous session's sharp gains on a view that the recession worries that pulled prices lower in recent weeks may have been overblown.At the pump, meanwhile, gas prices fell below $$3 for the first time in weeks.Energy investors were heartened by recent moves by the Federal Reserve and Congress to shore up the economy, which could prevent oil demand from slowing as much as many had feared.