Oil prices drift lower, balancing modest industry optimism

NEW YORK, July 22 (UPI) -- Crude oil prices held relatively flat at the start of trading Friday, with modestly upbeat industry sentiment balancing against lingering European concerns.

Earnings season started in earnest this week with major industry players expressing some modest optimism with crude oil prices holding relatively stable in the mid- to upper-$40 range since May. Oil services company Halliburton and Schlumberger each said this week that, from their perspective, the market has moved past its worst sessions already this year.

Crude oil prices drifted modestly lower in early Friday trading, however, after Eurostat, the European data-keeping agency, reported government debts in the 19 countries that use the euro currency were up during the first quarter, though regionally lower when weighed against fourth quarter 2015.

http://www.upi.com/Oil-prices-drift-lower-balancing-modest-industry-optimism/2231469194380/?nll=1