Crude oil prices rose in New York, a day after the Organization of Petroleum Exporting Countries (OPEC) said production levels wouldn’t increase before September.
OPEC President Chakib Khelil, Algeria’s minister of energy and mines, said the major exporting group would keep production at current levels.
Saudi Arabia recently increased production by 300,000 barrels a day, which [...]

Oil prices surged to a new trading record above $129 a barrel Tuesday amid continuing concern about global supply.
U.S. light crude for June delivery reached $129.58 a barrel in electronic trading, surpassing the previous intraday mark of $127.82 hit Friday as it smashed through the $128 barrier in a matter of minutes. At 11 a.m. [...]

Wall Street tumbled Tuesday after oil prices spiked to a new record above $129 a barrel and a government report raised investors’ concerns about the impact of inflation on consumer spending. The Dow Jones industrials fell nearly 200 points.
Crude jumped after OPEC’s president was quoted as saying his organization won’t raise its output before its [...]

Kazakhstan banned the export of all refined oil products, as the energy-rich Central Asian nation grapples with soaring fuel costs.
The announcement, made by Prime Minister Karim Masimov at a government meeting, comes just days after opposition parties called on his government to resign amid what they call a worsening economic climate.
Kazakhstan has huge oil and [...]

A key unit at Holly Corp.’s New Mexico refinery is down for repairs, with gasoline production off by as much as 756,000 gallons this month.
The shutdown of the fluid catalytic cracking unit at the Navajo Refinery in Artesia, N.M., followed a shutdown due to an instrument control malfunction on May 7.
As the unit was being [...]

Crude oil settled at a new high, and retail gasoline and diesel prices reached new records as well, adding to the pressure on drivers planning road trips for the coming holiday weekend.
Drivers are now paying an average of $3.79 for a gallon of regular gas, according to a survey by AAA and the Oil Price [...]

Oil rose again, as traders kept buying on the belief that prices will just keep setting new records.
Light, sweet crude for June delivery gained $2.17 to settle at $126.29 on the New York Mercantile Exchange. Crude shot up to $127.82 a barrel, a new record, earlier in the session.
The market showed little reaction to the [...]

Oil futures ended a whipsaw session slightly lower, as the expiration of options played havoc with prices, driving crude near record high levels at times and down by more than $3 a barrel at others. Retail gas prices, meanwhile, advanced past $3.77 a gallon.
Options let investors bet oil prices will rise or fall in the [...]

In its weekly report, the Energy Department’s Energy Information Administration (EIA) said gasoline inventories fell by 1.7 million barrels, or 0.8 percent, to 210.2 million barrels last week — 5.9 percent above year-ago levels, the Energy Department’s Energy Information Administration said in its weekly report.
Analysts expected stockpiles of gasoline to fall by only 800,000 barrels, [...]

Gasoline pump prices soared above $3.75 a gallon and oil prices fell as an Energy Department report painted a mixed picture of the nation’s petroleum reserves.
Light, sweet crude for June delivery fell $1.58 to settle at $124.22 a barrel on the New York Mercantile Exchange.
At the pump, the average national price of a gallon of [...]