May 2011

Oil wavered Friday May 27, 2011 in light trading before the Memorial Day weekend.

Benchmark crude for July delivery added 21 cents to $100.44 per barrel on the New York Mercantile Exchange. In London, Brent crude fell 7 cents to $114.98 per barrel on the ICE Futures Exchange.

Demand for oil and gasoline has been falling, and a Friday report on U.S. consumer spending was weak. Still, Read more »

Oil prices rose to their highest level in two weeks on Wednesday May 25, 2011 as U.S. inventories of distillates fell unexpectedly, trumping a sharp rise in gasoline stocks.

Oil's gains extended the previous day's hefty rise, in tandem with a broad-based commodities rally, as a softening of the dollar attracted wider risk-taking.

Prices were lower in the early going on concerns over weak gasoline demand ahead of the U.S. driving season that kicks off on the U.S. Memorial Day holiday on May 30. Read more »

Oil prices fell below $98 a barrel Monday May 23, 2011 as the dollar strengthened, making crude more expensive for traders with other currencies, and sentiment was shaken by worries about Europe's debt crisis.

By early afternoon in Europe, benchmark crude for July delivery was down $2.47 to $97.63 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose $1.17 to settle at $100.10 on Friday.

In London, Brent crude for July delivery was down $2.78 to $109.61 a barrel on the ICE Futures exchange. Read more »

Oil is falling as fears ease that Gulf Coast refineries may be affected by flooding.

Benchmark oil for June delivery fell 89 cents to $98.76 a barrel in Monday morning trading on the New York Stock Exchange.

In London, Brent crude for June delivery fell 33 cents to $112.98 on the ICE Futures exchange.

Over the weekend the Army Corps of Engineers opened two massive gates at the Morganza spillway in an effort to protect Baton Rouge, La., and New Orleans from Mississippi River floodwaters. Read more »