New York — Crude oil futures moved tentatively higher in midmorning trading Friday amid signs that steep declines in equities markets had run their course.NYMEX November WTI was 67 cents higher at $71.64/b and ICE December Brent was up 37 cents at $80.63/b. The crude selloff this week was predicated on concerns that an overheated economy could soon contract and reduce demand growth going forward. These fears ebbed somewhat after US equity markets opened higher on Friday, snapping back-to-back sessions of sharp declines. “Overall the selloff was overdone. If stocks can stabilize we should see these prices snap back,” Price Futures Group senior markets analyst Phil Flynn said in a morning note. While equities showed signs of stabilizing, overall bearish sentiment held gains to a minimum. The International Energy Agency on Friday cut its estimates of […]