Updated from 1:06 a.m. EDT
NEW YORK (
) -- Crude oil is trading at $78.80 a barrel, down 10 cents, after earlier trading above $79, a high for the year.
Crude for November delivery rose to as high as $79.05 a barrel in electronic trading on the New York Mercantile Exchange.
The contract settled higher on Friday by 95 cents to $78.53 per barrel.
Crude oil rallied last week as investors believed an economic recovery would boost demand for oil.
Earnings this week from the likes of
could give investors a further idea of how well the consumer is faring.
--Reported by Joseph Woelfel and Jeanine Poggi in New York
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