Updated from 1:06 a.m. EDT

NEW YORK (

TheStreet

) -- 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

Apple

(AAPL) - Get Report

and

McDonald's

(MCD) - Get Report

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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