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 [...]

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 [...]

The European Commission says oil prices are bound to stay high and cautioned European Union governments against giving short-term handouts to fishermen, farmers, truckers and others suffering from high fuel costs.
The Commission is drafting a report on the issue for next week’s spring meeting in Brussels of the 27 EU leaders.
Against a backdrop of protests [...]

Several airlines raised fuel surcharges again, trying to offset the relentless upward march of crude oil prices.
American Airlines added $20 per roundtrip on many routes. Virgin America tagged an extra $25 onto its long-haul fares.
In Europe, Air France-KLM added surcharges of up to $31, and Germany’s Lufthansa raised its fuel charge by almost $16 on [...]

The head of Petrobras says global oil prices are likely to stay high, and the Brazilian state-run oil giant plans to significantly expand its fleet of drilling rigs and other vessels in the coming years.
Speaking at a gathering organized by the Brazilian American Chamber of Commerce in New York, Petrobras President and Chief Executive Jose [...]

The Energy Department and the Paris-based International Energy Agency both lowered their global oil consumption forecasts for this year amid surging prices, but said demand for oil and petroleum products is accelerating in parts of the developing world.
In its monthly short-term Energy outlook, the Energy Department’s Energy Information Administration said oil consumption is falling more [...]

Oil prices ended lower, giving up an earlier advance as the dollar held its gains against the euro and the Energy Department slashed its oil consumption projections. Retail gasoline prices rose to a new record over $4.04 a gallon.
Light, sweet crude for July delivery fell $3.04 to settle at $131.31 a barrel on the New [...]

Analysts disagree on how much Murphy Oil Corp. stands to gain from its stake in a deepwater offshore Malaysian oilfield, with Goldman Sachs giving a strong recommendation and JPMorgan downgrading the stock.
Murphy owns an 80 percent stake in the Kikeh field, where it began drawing oil in August 2007. The company shares production with Malaysia’s [...]

BP PLC Chief executive Tony Hayward told an oil and gas conference in Malaysia that governments should lower trade barriers and cut taxes for the industry to boost production and help stabilize global oil prices.
Hayward says the world is not short of petroleum resources, but high operating costs, rising taxes and lack of access are [...]

A Miami lawyer is suing OPEC over the skyrocketing price of oil.
Attorney Larry Klayman claims in the lawsuit that the Organization of Petroleum Exporting Countries is violating U.S. antitrust laws by fixing oil prices.
The lawsuit claims OPEC is operating a conspiracy aimed at causing economic harm to the U.S. and other western nations.