Oil Market Summary for 07/12/2010 to 07/16/2010

An unexpectedly sharp drop in a key consumer confidence index sent stocks plummeting on Friday and drove down prices for crude oil futures so that the benchmark contract finished the week virtually unchanged from last Friday.

The near-month contract for West Texas Intermediate settled at $76.01 a barrel on Friday, compared with $76.09 a week ago.

The University of Michigan/Reuters consumer index dropped to 66.5 in July from 76 in June,