Crude Drops Almost $5 a Barrel

Oil prices dropped sharply after China said it will raise fuel prices, a move that could dampen its booming oil consumption. Crude-oil prices also were given a downward push by the Iraqi Oil Ministry’s announcement that it is close to signing oil service deals with several major Western oil companies in an effort to boost crude output. Light, sweet crude for July delivery fell $4.75 to settle... 

Crude Back Up After Early Losses

Oil prices settled higher, rebounding from earlier losses on reports that Nigerian oil workers are about to strike, and investors focused on a surprise decline in gasoline inventories last week. Retail gas prices slipped slightly for a second day, a sign that falling demand may be affecting prices and that prices at the pump may have caught up to crude oil’s latest record advance. Light, sweet... 

Gasoline Demand Up for the Week, Down for the Year

Gasoline demand increased 2.4 percent last week when compared with the previous week, according to a survey by MasterCard SpendingPulse. Compared with the same week last year, demand fell 3.2 percent. The survey has shown eight consecutive weeks of year-over-year declines in weekly demand as gas prices continue to climb. The average retail price for a gallon of regular gasoline rose 7 cents on average... 

Crude Oil Prices Ends Lower Again

Oil prices settled lower for the third straight day as investors weighed expectations of higher output against the market’s ability to quench soaring global demand. Light, sweet crude for July delivery fell 60 cents to settle at $134.01 a barrel on the New York Mercantile Exchange. The national average for a gallon of regular gasoline hovered at $4.078, down just two-tenths of a cent from the... 

Oil Prices Soar and Swoop

Crude oil futures swung wildly, rising to a record and then tumbling as investors wrestled with whether they should put stock in Saudi Arabia’s promise to boost production. Retail gas prices rose to a record $4.08 a gallon. Light, sweet crude for July delivery fell 25 cents to settle at $134.61 on the New York Mercantile Exchange after earlier soaring to a trading record of $139.89. With little... 

FBR Raises Crude Oil Price Outlook

Friedman, Billings, Ramsey raised its crude oil price outlook for 2008 to an average $115 per barrel from $90 per barrel, and to $110 per barrel next year from $85 per barrel. “We are raising our crude oil price expectations to reflect near-term supply realities, but also near- to intermediate-term demand responses that may not have attracted as much attention as the spectacular crude prices... 

Crude Prices Finish Under $135

Oil prices pulled back after OPEC questioned whether crude can remain so high through the rest of the year and the dollar gained against the euro. Light, sweet crude for July delivery sank $1.88 to settle at $134.86 on the New York Mercantile Exchange. At the gas pump, the average national price for a gallon of regular rose to a record $4.066 overnight, from $4.06 a day earlier, according to AAA and... 

Exxon getting out of retail gas business

Exxon Mobil is getting out of the retail gasoline business, a market where profits have gotten tougher because of high crude oil prices. The world’s largest publicly traded oil company said Thursday it will sell its 820-company owned stations and another 1,400 outlets operated by dealers to gasoline distributors across the U.S. The Irving-based company didn’t disclose financial details... 

Crude Prices Edge Higher

Oil prices rebounded sharply from a dip below $132 a barrel, ending higher Thursday in another volatile session fueled by a rising dollar and concerns about supplies. Gas prices reached new record at the pump, rising to a national average of $4.06 a gallon, and are likely to keep climbing. Light, sweet crude for July delivery rose 36 cents to settle at $136.74 a barrel on the New York Mercantile Exchange. Oil... 

Crude Climbs Again

Oil prices took off again, soaring as crude’s biggest drivers — a weak dollar and supply concerns — brought buyers back in force. At the pump, gas prices rose to a new record over $4.05 a gallon. Light, sweet crude rose $5.07 to settle at $136.38 a barrel on the New York Mercantile Exchange after earlier trading as high as $138.30. In other Nymex trading, July gasoline futures gained...