Oil prices swung below $ 80 a barrel Friday after a jump of 3 percent in the previous session, as the idea that oil prices may have outpaced the market reality attenuated the rebound.
The strong oil prices rose on Thursday, while shares of Wall Street scored its best daily percentage gain in three months.
Investors viewed the data showed the U.S. economy returned to growth in the third quarter and improved outlook for profits and power demand.
The world's largest economy grew at an annualized 3.5 percent in July September period, beating expectations of a rise of 3.3 percent and ending a steep decline.
U.S. crude for December delivery fell 31 cents to $ 79.51 a barrel by 1015 GMT, after trading above the key $ 80 level in early trading day. Brent crude was down 40 cents to $ 77.60.
The sharp increase on Thursday capped the increases in October, putting the oil on track for a gain of 13 percent this month after a positive earnings season, which led many investors to bet on further promotion of oil prices.
"With the fervent tone of the oil market was on Thursday, the word 'f'-basis-still seems far from the minds" of the market, the firm said JBC Energy analyst David Wech.
An evaluation colder the fundamentals of supply and demand is likely to unleash a price correction, he said.
"The oil still looks overvalued and an increase in GDP after three quarters of reductions does not mean that the United States nor the rest of the world and its problems have been overcome," he said.
Traders were on the lookout for new data due on Friday in the U.S., as consumer sentiment from the University of Michigan and the manufacturing index of the Institute of Supply Management USA (ISM in English)
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