Oil prices rose back above $128 a barrel after the dollar fell in response to comments by European Central Bank President Jean-Claude Trichet suggesting the bank could raise interest rates. At the pump, meanwhile, gas prices rose to a new record near $3.99, and are likely to hit $4 soon.
Light, sweet crude for July delivery [...]

Oil prices fell to the $122 level, after the Energy Department said fuel inventories rose more than expected, indicating slowing demand.
Light, sweet crude for July delivery fell $2.01 to settle at $122.30 barrel on the New York Mercantile Exchange. Earlier it dropped as low as $121.84. It was oil’s lowest settlement since May 6. July [...]

Oil prices fell sharply, dropping below $124 a barrel, as demand concerns grew and Federal Reserve Chairman Ben Bernanke indicated that more interest-rate cuts are unlikely. Bernanke’s comments sent the dollar higher and raised questions about the chances of oil reaching new highs in the short term.
Light, sweet crude for July delivery fell $3.45 to [...]

Billionaire financier George Soros told a Senate hearing that growth of funds designed to mimic the price of crude oil and other energy futures remind him of a similar craze that brought on the 1987 stock market crash.
The surge in popularity of commodity index funds is “intellectually unsound … and distinctly harmful in its economic [...]

Gasoline held steady near an average $3.98 a gallon at the pump, as oil prices rose modestly after an OPEC official again said there’s no need for the cartel to pump more oil and rough weather closed Mexican oil ports.
The national average price of a gallon of regular gas was unchanged at $3.975, according to [...]

Retail gas prices rose one cent Friday to a new national average over $3.96 a gallon, putting them on a course to hit $4 by early next week. Oil futures settled higher after trading in a narrow range.
Light sweet crude for July delivery rose 73 cents to settle at $127.35 a barrel.
At the pump, gas [...]

Oil prices fell sharply, even though the Energy Department reported unexpected declines in crude oil supplies last week. A stronger dollar and concerns about gas demand also weighed on prices.
Light, sweet crude for July delivery fell $4.41 to settle at $126.62 a barrel on the New York Mercantile Exchange, its lowest settlement in two weeks [...]

Federal regulators are six months into a wide-ranging investigation of U.S. oil markets, with a focus on possible price manipulation.
The Commodity Futures Trading Commission said Thursday it started the probe in December and took the unusual step of publicizing it “because of today’s unprecedented market conditions.”
The commission said details of the investigation remain confidential, but [...]

Oil futures rose above $130 again, recovering from early losses as threats against Nigerian oil facilities led investors to at least temporarily set aside concern about falling U.S. gas demand.
Light, sweet crude for July delivery rose $2.18 to settle at $131.03 on the New York Mercantile Exchange, after spending the morning swinging between gains and [...]

Oil prices dropped below $129 a barrel. The sharp decline came amid a growing sense that soaring gas and oil prices have cut demand for fuel during the normally busy summer driving season. At the pump, retail gasoline prices rose, but only slightly.
Light, sweet crude for July delivery fell $3.34 to settle at $128.85 a [...]