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Apr-20-2008

Retail gasoline prices, oil futures march higher

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LONDON (Thomson Financial) - Oil hit a record $115.45 per barrel as the dollar remained close to an all-time low against the euro and after U.S. crude stocks fell unexpectedly last week. (More...)
Oil futures fell 7 cents to settle at $114.86 a barrel. (More...)
When gasoline peaked at 3.08 per gallon last year, crude oil was being sold for about 60 a barrel. (More...)
U.S. light sweet crude settled up $1.83 at $116.96 a barrel, before hitting a record $117. (More...)
Reformulated gasoline rose fractionally to $2.96 a gallon, and heating oil edged 2 cents higher to $3.28 a gallon. (More...)
On domestic front, crude oil gained by close to 4% and the May contract on MCX closed at Rs 4,532 per barrel. (More...)
An International Energy Agency report pointed out that Russian oil production dropped for the first time in a decade, raising concerns whether the key oil-producing nation will have enough supply to help cater to growing global demand. (More...)
Oil may fall next week on forecasts that demand will drop because of reduced refinery operating rates, according to a Bloomberg News analyst survey. (More...)
'The U.S. dollar appears far from a bottom unless some type of intervention is forthcoming. (More...)
West Texas crude for May delivery jumps $1.60 to $113.36 a barrel. (More...)
Friday, local gas was $3.86 a gallon, up from $3.76 from the previous week and $3.35 a year ago, according to UCAN estimates. (More...)
And, even in a recessionary economy, seasonal gasoline demand will pick up, which adds to stress on the global oil supply chain," Jan Stuart at UBS said in a research note. (More...)
Militants claimed responsibility for an explosion that stopped about one-fifth of Nigeria's daily output of 2.47 million barrels a day, The Washington Post reported. (More...)
"Any kind of geopolitical tension is going to pump up the market," Mark Waggoner, president of Excel Futures in Huntington Beach, Calif., told The Wall Street Journal news report. (More...)

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LONDON (Thomson Financial) - Oil hit a record $115.45 per barrel as the dollar remained close to an all-time low against the euro and after U.S. crude stocks fell unexpectedly last week. New York's main WTI benchmark surpassed a record struck on Wednesday, with buying picking up further as traders fears supply shortages after the U.S., the world's top energy consumer, said its crude stocks fell last week, shocking analysts who had expected a rise. Perpetual dollar weakness, with the U.S. currency very close to its lowest ever level against the euro, also kept crude prices well underpinned. [1] NEW YORK, April 18 (UPI) -- Crude oil prices made a record jump Friday on concerns of a sabotaged pipeline in Nigeria, that disrupted a relatively small output source. On the New York Mercantile Exchange, crude prices hit their fourth day of records in the week, hitting $117 per barrel, before settling at $116.81 per barrel late in the day.[2] Light, sweet crude for May delivery rose to a new trading record of $117 in after-hours electronic trading Friday after settling up $1.83 at a record $116.69 a barrel on the New York Mercantile Exchange. It marked the fifth day in a row crude prices set new records. Oil is not the only factor driving gasoline prices, which are also rising because refiners are switching from producing winter grade gasoline to the more expensive but less polluting version of the fuel they're required to sell during summer. When they do that each spring, they tend to draw supplies down to low levels as they try to sell off all their winter fuel.[3] Crude oil for May delivery rose as much as 28 cents in after- hours electronic trading on the New York Mercantile Exchange and was at $114.73 a barrel at 8:27 a.m. London time.[4] Crude oil for May delivery rose 24 cents to $115.10 a barrel at 10:56 a.m. on the New York Mercantile Exchange. Prices are up 4.5 percent this week and 82 percent from a year ago.[5] Light, sweet crude for May delivery fell 7 cents from Wednesday's close to settle at $114.86 a barrel on the New York Mercantile Exchange, the contract's first lower close in a week. Commodities such as oil are seen by many investors as a hedge against inflation and a weaker dollar.[6]

Crude oil for May delivery was recently registered at $115.56 a barrel on the New York Mercantile Exchange during the early morning trading after it surged sharply to $116.10, which is a new intraday record high.[7] Crude keeps rising. Oil sold on the New York Mercantile Exchange has spent most of this week trading at about $114 per barrel.[8]

The benchmark price of oil rose yesterday to yet another record close, finishing at $116.69 (U.S.) a barrel, up $1.83 or 1.6 per cent on the New York Mercantile Exchange.[9]

Just consider these bulletins on the Bloomberg financial wire service for some sense of how a financial analyst might be whipsawed into incoherence. Yesterday morning, she would have seen newspapers trumpeting a new record oil price of $115.54 U.S. the day before. Looking at the Bloomberg wire just before 9 a.m, she would have seen this headline: "Crude oil falls, retreating from record, as dollar strengthens." It told how oil for June delivery fell as low as $110.62 in London (where business opens five hours before it does in New York). This because a strengthening U.S. dollar dampened the appeal of oil as a hedge against the dollar's previous erosion in value.[10] Oil's gains on Friday were limited by the dollar, which strengthened against the euro, sending oil prices lower earlier in the day. A stronger dollar makes commodities such as oil less attractive to investors as a hedge against inflation, and it makes oil more expensive to investors overseas. Analysts believe the weaker dollar is the primary reason oil has soared well past $100 a barrel this year. Analysts expect the Federal Reserve to cut interest rates several more times this year — moves that tend to further weaken the dollar — and reason that those cuts will help propel oil to new records. Oil is not the only factor driving gas prices, which are also rising because refiners are switching from producing winter grade gasoline to the more expensive, but less polluting, version of the fuel they're required to sell during summer. When they do that each spring, they tend to draw supplies down to low levels as they try to sell off all their winter fuel.[11] The U.S. Energy Information said U.S. crude oil inventories fell by 2.3 million barrels in the week to April 11, confounding expectations for a 1.8 million barrel rise. U.S. crude stocks, now at 313.7 million barrels, are in the lower half of the average range for this time of year. 'A second week of severe import compression has kept crude inventories under control despite the current low-level of refinery runs, resulting in significant reductions in the overhang of oil products, most particularly gasoline (which is) down by 5.5 million barrels over the past week,' said Barclays (NYSE:BCS) Capital analysts. Oil prices have more than doubled since the beginning of this year on a combination of dollar weakness, supply fears, OPEC's reluctance to boost output and as the credit crunch has seen investment money into commodities as a safe haven in times of turmoil.[12] The departments Energy Information Administration report also showed crude inventories fell 2.3 million barrels for the same period. Offering support to higher crude prices is an International Energy Agency report that said Russian oil production dropped this year for the first time in a decade. Other factors include continued breakneck growth in Chinas economy and the U.S. Federal Reserve is expected to cut interest rates at least twice more this year, which will further weaken the dollar. The combination of all these factors will push oil prices even higher in coming weeks, said James Cordier, president of Tampa, Florida, trading firms Liberty Trading Group and OptionSellers.com.[13]

Oil prices fell toward $113 a barrel Friday in light trading as the U.S. dollar made gains against the euro and other currencies. A host of supply and demand concerns in the U.S. and abroad, as well as the depreciating dollar, had pushed crude prices up as much as 4 percent this week.[14] May gasoline futures rose 1.88 cents to settle at a record $2.9578 a gallon on the Nymex after earlier rising to a trading record of $2.9749 a gallon. Overall, crude prices have jumped more than 4 percent this week, in part due to the falling dollar, as well as a host of supply and demand concerns in the U.S. and abroad.[13]

Analysts said the U.S. inventory report also showed that the U.S. appetite for increasingly expensive gas was declining, noting that gasoline inventories remained at healthy levels despite the drop. "Gasoline and crude inventories dropped primarily because refiners are not really ordering crude oil and they are also holding back on operating rates because demand is weak," Shum said. "The concerns about gasoline supply in the summer may be overdone," he said. The sense of crisis in the rice market showed no signs of easing as prices continued their record climb and a tender from the Philippines, the worlds top importer, attracted offers to sell only about two-thirds of the half-a-million tons it had sought, Reuters reported from Bangkok. In Bangkok, Thai 100 percent B-grade white rice, considered the worlds benchmark, hit $950 per ton, three times its price at the start of 2007.[15]

Gasoline pump prices hit a new nationwide record of $3.40 per gallon on Wednesday, up 53 cents from a year ago, according to the Oil Price Information Service and AAA, and many economists believe that price will hit $4 per gallon by Memorial Day. Crude futures made their first foray past $115 Wednesday, propelled to a record by concerns about how much gas will be available during the peak summer months.[16] McKenzie said Friday's nationwide average price of self-serve regular gas was $3.386 per gallon, which is 52.9 cents higher than a year ago on the same day. It's also a new record high for gasoline prices in the nation.[17]

Over the last few weeks we've been seeing records broken on a barrel of crude oil going for $112 and today we are witnessing a record-setting price of $117 a barrel. The reason behind this record setting price for barrel comes after a militant group in Nigeria claims it damaged a critical oil pipeline operated by Shell. Nigeria is a major supplier of oil to the U-S. That attack with the promise of more as well as the weakening U-S dollar are leading industry experts to predict a gallon of regular unleaded gas could reach $3.80 a gallon. Back here in Colorado, this is the ninth consecutive week the average price for gas is above three-dollars a gallon.[18] NEW YORK - U.S. crude oil prices jumped today above the record high of $115.54 posted on Thursday, as a sabotage in a pipeline in Nigeria rose concerns that demand may increase.[19] NEW YORK, April 18 (Xinhua) -- Crude oil futures rose nearly 2 U.S. dollars a barrel on Friday to close at a new record high of 116.69 dollars a barrel on news about pipeline sabotage in Nigeria.[20] NEW YORK (AP) -- Crude oil futures surged to a new trading record of $117 a barrel on Friday following an attack on a key pipeline in Nigeria.[21]

New York's main oil futures contract, light sweet crude for delivery in May, fell $1.06 to $113.80 per barrel, after hitting a record $115.54 on Thursday.[22] At 3.42 p.m., New York's West Texas Intermediate crude for May delivery was down 15 cents at $114.78 per barrel having hit a record 115.54 earlier today. Brent crude for June delivery was up 3 cents at $112.69 per barrel, having hit a record $113.38 earlier this morning. The hapless U.S. dollar was pinned close to its record low against the euro as attention once again turned to interest rate differentials between the two areas.[23]

Light, sweet crude for May delivery settled up $1.83 at a record $116.69 a barrel on the New York Mercantile Exchange. It was the fifth day in a row that crude prices set records.[24] Light sweet crude for May delivery settled at $114.86 at the close of trading on the New York Mercantile Exchange, off 7 cents on the session after briefly setting a new intraday high of $115.54. The stimulus for the most recent spurts--concern about U.S. gasoline inventories--may be overstated, but with black gold being used as a hedge against inflation, prices will remain supported as long as greenback continues its slide.[25] Light, sweet crude for May delivery rose as high as $115.54 a barrel in electronic trading on the New York Mercantile Exchange.[26] Light, sweet crude for May delivery rose to a new record of $116.19 on Friday before retreating to trade up 81 cents at $115.67 a barrel on the New York Mercantile Exchange.[27] Crude oil for May delivery gained $1.83, or 1.6%, to settle at $116.69 a barrel on the New York Mercantile Exchange.[28] Crude oil for May delivery gained 1.83 dollars, or 1.6 percent, to settle at 116.69 dollars a barrel on the New York Mercantile Exchange.[20]

Crude for May delivery fell 7 cents to settle at $114.86 a barrel on the New York Mercantile Exchange.[29] West Texas crude for May delivery climbed 87 cents to $115.73 a barrel on the New York Mercantile Exchange.[30] Light, sweet crude for May delivery responded by rising as high as $115.07 on the New York Mercantile Exchange, and later settled up $1.14 at a record $114.93 a barrel.[16]

New York, NY (AHN) - Crude oil reaches a new record high more than $116 a barrel level mark on Friday before it fell back, following a report that the market may experience a supply disruption.[7] The ailing U.S. currency is boosting the appeal of dollar-priced commodities across the board. 'It is quite clear that investors are not prepared to liquidate oil futures at the moment, with strong fund and speculator interest as they seek better returns in commodities.' New York's main WTI benchmark surpassed a record on Wednesday, with buying picking up further as traders fear supply shortages after the United States -- the world's top energy consumer -- said its crude stocks fell last week, surprising analysts who had expected a rise.[12] April 18 (Bloomberg) -- Crude oil and gasoline climbed to records in New York as better-than-expected earnings results signaled a strengthening economy that may boost demand. U.S. stocks rallied, capping the best week since February for the Standard & Poor's 500 Index, following earnings reports from companies such as Google Inc. and Caterpillar Inc. that exceeded analyst estimates.[31]

The crude market's current focus on the dollar has led some analysts to warn that oil could be at risk of a correction, as the price has moved ahead of crude's traditional drivers of supply and demand. Citigroup (NYSE:C) analyst Tim Evans said: 'As one indication of how the crude oil market has outrun even one ostensible reason for its climb, we note the U.S. dollar index has now declined 11.8 percent since August, while crude oil prices have gained 65.8 percent, all while crude oil's physical fundamentals have mostly gone nowhere.' However, few appear willing to bet against crude making further gains yet, as the ongoing weakness in the dollar continues to fuel speculative buying. 'It is quite clear that investors are not prepared to liquidate oil futures at the moment, with strong fund and speculator interest as they seek better returns in commodities,' said Sucden analysts on Thursday.[32] Unlike some past gas-price spikes linked to limited inventories, some refiners say there's a surplus of gasoline. They're cutting back U.S. production because of lower consumer demand and plunging profit margins. A ravenous demand for fuel from developing countries such as China and India, investor speculation in oil futures, and a continuing weak dollar are pushing gas prices to record highs, they say.[24]

Short supplies of alkylate, a blending component key to the creation of summer-grade gas, also have pushed prices higher. Contributing to the price spike, refiners have been cutting back on their production of gasoline, which has a low profit margin. Refiners have to buy the crude they process into gasoline, and soft demand for gas has prevented them from boosting pump prices fast enough to keep up with soaring crude futures. "The refining margins were poor last month and, as a result, we've seen these voluntary. or discretionary refining run cuts," said Jim Ritterbusch, president of Ritterbusch and Associates in Galena, Ill. Ritterbusch estimates that the average difference between what refiners pay for oil and receive for the gasoline they make from it stands somewhere between $13 and $15 a barrel. In some areas, this difference has actually gone negative at times in recent weeks, meaning that refiners "were losing money on each barrel of gasoline produced," Ritterbusch said.[11] A British union has also planned to launch a two-day strike from April 27 at Ineos Grangemouth refinery, forcing it to shut down. This has affected the North Sea Forties pipeline system, which terminates there, both sides said on Friday. Strong demand for diesel fuel in emerging markets has been offsetting weakness in U.S. oil demand, analysts said, adding, U.S. crude oil futures are likely to average $105 a barrel this year and end the year at $115 a barrel.[33] Oil touched $115.54 a barrel yesterday, the highest since futures trading started in 1983. Crude has gained 4.4 percent this week as the U.S. Energy Department reported a decline in stockpiles and motor fuel inventories fell more than expected after refineries cut output to the lowest level since October 2005.[34] Oil reached to a record $115.54 on Thursday, following a report by The Energy Information Administration indicate that indicated the crude inventories fell by 2.3 million barrels, while gasoline inventories declined by 5.5 million barrels last week.[7] Oil prices on Wednesday closed at record highs after the U.S. Department of Energy (DoE) said that American crude inventories had slumped 2.3 million barrels in the week ending April 11, far steeper than the consensus forecast of 1.8 million. Crude reserves in the United States now stand at 313.7 million barrels, in the lower half of the average range for this time of year, the DoE said.[35] The U.S. Energy (nasdaq: USEG - news - people ) Information said U.S crude oil inventories fell by 2.3 million barrels in the week to April 11, confounding expectations for a 1.8 million barrel rise. U.S. crude stocks, now at 313.7 million barrels, are in the lower half of the average range for this time of year.[1] U.S. crude oil inventories slumped 2.3 million barrels in the week ending April 11, far more than the consensus forecast of 1.8 million. Crude reserves stand at 313.7 million barrels, in the lower half of the average range for this time of year.[36]

VIENNA, April 17 (Xinhua) -- OPEC's average daily oil prices have set records 16 times since the beginning of this year and soared to 106.65 U.S. dollars per barrel (dpb) Wednesday, the Vienna-based cartel said Thursday.[20] Oil prices have surged higher since 2007 and regularly hit new peaks, so that price breaking is no longer news but a "routine" matter. VIENNA, April 15 (Xinhua) -- World oil demand this year is forecast to grow by 1.2 million barrels daily to an average of 87 million barrels per day, the Organization of Petroleum Exporting Countries (OPEC) said Tuesday.[20] China imported an average of just over 4 million barrels a day, according to calculations based on data from China's Customs Administration. An International Energy Agency report that said Russian oil production dropped this year for the first time in a decade also helped to boost prices.[14]

As of Friday, that average was $3.43. According to the Energy Information Administration, U.S. consumption of liquid fuels and other petroleum is expected to drop this year by about 85,000 barrels a day due to the economic slowdown and high petroleum prices.[17]

LONDON: Oil prices pulled back on Friday after striking record highs above $115this week on the back of a weakening U.S. dollar and weak American energy stockpiles, analysts said.[22] NEW YORK (AFP) — Red-hot oil prices cooled slightly Thursday after being stoked to record highs by falling U.S. energy reserves and a weakening dollar, which attracts investors into commodities, analysts said.[35] NEW YORK -- Retail gasoline prices in the United States pushed past a record high yesterday as Canadian prices continued to rise as well, although a bit more slowly because of the strong Canadian dollar. U.S. prices moved to more than $3.40 U.S. a gallon - about 89 cents U.S. a litre - yesterday, fulfilling expectations that they'll keep climbing toward $4 U.S. a gallon as the summer driving season approaches.[37] Gasoline for May delivery rose 1.88 cents, or 0.6 percent, to $2.9578 a gallon in New York yesterday, a record settlement price.[38]

The dollar traded as high as $1.5786 per euro in New York today. It traded at $1.5788 at 12:56 p.m. London time. Crude prices have climbed to records for the past three days and are set for their biggest weekly gain since March 14.[39] Earlier Friday, prices in New York dropped to $113.68 as the dollar recovered from an all time record low against the euro.[19]

NEW YORK (AFP) — Oil prices rebounded to a new record high of 117 dollars a barrel here Friday as traders refocused on supply fears after talk of a pipeline attack in Nigeria, Africa's largest oil producer.[36] New York's main oil futures contract, light sweet crude for delivery in May, closed off seven cents at 114.86 dollars a barrel, after striking a record peak of 115.54 dollars in pre-market electronic trade.[35] New York's main oil futures contract, light sweet crude for delivery in May, surged 1.83 dollars higher to a record close of 116.69 dollars. It had hit an intraday all-time peak of 117 dollars around 1850 GMT.[36]

April 18 (Bloomberg) -- Crude oil fell in New York, retreating from yesterday's record, as the dollar recovered from an all-time low against the euro, reducing the appeal of commodities.[39]

Mumbai: Crude oil prices climbed to a record $117 a barrel on Friday despite a dollar rally and concerns of an economic slowdown in China.[33] Oil prices hit all-time highs above $115 a barrel Thursday with reports that oil and gasoline stocks in the United States were lower than expected and as the dollar hit record lows.[26]

SAN FRANCISCO (MarketWatch) -- Crude-oil futures closed down slightly on Thursday, pulling back from a record atop the $115-a-barrel mark, as firmness in the U.S. dollar served to put pressure on oil prices.[29] Oil touched $115.54 a barrel yesterday, the highest since futures trading began in 1983, after the dollar sank to $1.5983 versus the euro. The U.S. currency has since strengthened, making commodities such as oil less attractive to investors.[39] Earlier in the trading session Friday, oil's gains on Friday were limited by the dollar, which strengthened against the euro. A stronger dollar makes commodities such as oil less attractive to investors as a hedge against inflation, and it makes oil more expensive to investors overseas. Analysts believe the weaker dollar is the primary reason oil has soared well past $100 a barrel this year.[21]

China's economy continues to grow at a breakneck pace, demanding more oil and fuel. The Federal Reserve is expected to cut interest rates at least twice more this year, which will further weaken the dollar. The combination of all these factors will push oil prices even higher in coming weeks, said James Cordier, president of Tampa, Fla., trading firms Liberty Trading Group and OptionSellers.com. "I think we're going at least to $125," he said. "That'll probably translate to about $3.80 (a gallon) at the pump."[6] "If today's gas prices reflected the same level of increase in oil prices, plus last year's refinery margins, San Diego gasoline could potentially cost as much as $5 a gallon." No one is predicting $5 gas; refiners and others can't charge that kind of money because they would price themselves out of the market, Langley said. Refineries have been shutting down capacity to restrict supply, helping to further drive up the price of fuel, he said. Langley said he's still hopeful that gas won't go above $4. "At this point it seems like a sunny, optimistic prediction," Langley said.[24]

"U.S. oil inventories have been relatively healthy of late, but the supply situation globally is said to be tight," McKenzie said. Nationwide this spring, regular gasoline prices are projected to peak at about $3.60 per gallon, according to a report by the U.S. Energy Information Administration in Washington, D.C.[17]

"The broad weakness in the U.S. dollar is still supporting commodities; while oil investors are also concerned about tight gasoline supplies in the U.S. ahead of the summer driving season when demand for gasoline peaks," Kryuchenkov said. Prices rocketed to historic heights this week after news of sliding energy stockpiles in the United States, the biggest energy consumer.[36] A host of supply and demand concerns in the U.S. and abroad, along with the dollar's weakness, have served to support prices, even as record retail gasoline prices in the U.S. appear to be dampening demand. Crude prices have risen as much as 4 percent this week.[21] The effect tends to reverse when the U.S. currency strengthens. Crude prices have jumped more than 4 percent this week due in part to the falling dollar, but also because of supply and demand concerns in the U.S. and abroad.[6]

Oil futures fell 7 cents to settle at $114.86 a barrel. Prices are up 4.3 percent this week. [38] In other Nymex trading, heating oil futures fell 3.32 cents to $3.2342 a gallon while gasoline prices lost 5.25 cents to $2.9053 a gallon.[14] In other trading Friday, May heating oil futures rose 2.49 cents to settle at $3.2923 a gallon while May gasoline futures rose 3.15 cents to settle at a record $2.9893 a gallon after earlier rising to a trading record of $2.9934 a gallon.[3] U.S. pump prices are following futures higher. Regular gasoline, averaged nationwide, rose 1.9 cents to a record $3.418 a gallon, AAA, the nation's largest motorist organization, said yesterday on its Web site.[38]

At the pump, the average national price of a gallon of unleaded gas rose 1.9 cents overnight to a record $3.418 a gallon, according to a survey of stations by AAA and the Oil Price Information Service.[13] Nashville's gas prices are reaching record numbers, according to the American Automobile Association's Oil Price Information Service. The price for a gallon of regular gas in Nashville spiked to $3.28 this week, a record for the area.[40]

Diesel fuel also hit a new record of $4.146 a gallon after jumping 1.7 cents overnight, the survey said. The soaring cost of both fuels is pressuring consumers, who gas up their cars and buy goods that grow more expensive because of rising transportation costs. Their plight will only worsen; many analysts expect average national gas prices to peak close to $4 a gallon later in the spring.[6] NEW YORK (AP) — Retail gas prices pushed past a record high $3.40 a gallon Thursday, fulfilling expectations that they'll keep climbing toward $4 as the summer driving season approaches.[6] NEW YORK (AP) — Retail gas prices set new records Friday on their seemingly relentless march toward $3.50 a gallon, and diesel prices pushed further above $4 a gallon.[11]

As summer approaches, demand typically increases, supporting the higher price. The price record in Canada, calculated by MJ Ervin Associates in its weekly national survey, is $1.26 a litre for regular gasoline. That record - still standing, but likely not for long - came after the hurricanes in August and September of 2005. The prices at that time receded quickly, but if a new record is reached this year, a quick pullback is not expected. Natural gas, while not at a record, is trading at extraordinarily high levels for this time of year and at one of its highest levels ever.[9] By the end of trading five hours later, Bloomberg ran a completely different story: "Oil rises to record on signs stronger economy may boost demand." This one told how the price of oil had not only made up its overnight drop, but hit a brand new record of $116.59.[10]

"The oil price was trading just over $114.50 a barrel today on news that Mexico had shut down as many as four oil shipping ports due to bad weather, and that Nigerian oil production had been disrupted over the weekend by a fire attributed to sabotage," Matthew C. McKenzie, vice president of marketing and public affairs for the American Automobile Association, said Friday by phone in Portland. Nigeria and Mexico are both major suppliers to U.S. refineries. "Oil is just so tight now that with any snafu (or) unrest. it will just cause prices to climb higher and higher," he said. "It's the perfect storm." He added, it's unclear just how significant the Mexico and Nigeria events are in terms of oil lost to the world market.[17] Crude futures Friday surged to a record of more than $117 a barrel in after-market trading, pushed higher after a militant group in Nigeria said it had sabotaged a major oil pipeline operated by a Royal Dutch Shell joint venture and promised further attacks on the country's petroleum industry.[24] Crude oil rose 8 cents to $112.51 a barrel on London's ICE Futures Europe exchange.[5] Brent crude oil for June settlement rose $1.49, or 1.3 percent, to $113.92 a barrel on London's ICE Futures Europe exchange.[31] Brent crude for June settlement rose as much as 17 cents to a record $112.83 a barrel on London's ICE Futures Europe exchange. It was at $112.50 at 8:28 a.m. local time.[4] Brent crude rose 0.47 cents or 0.42 percent to $112.50 a barrel on the London ICE Futures Exchange on Friday. This article is copyrighted by International Business Times.[19] Brent crude for June settlement dropped as much as $1.81, or 1.6 percent, to $110.62 a barrel on London's ICE Futures Europe exchange. It was trading at $111.12 at 1:26 p.m. local time.[39]

Brent crude for June settlement declined 23 cents to settle at $112.43 a barrel on London's ICE Futures Europe exchange yesterday.[38] In London, Brent crude futures fell 23 cents to settle at $112.43 a barrel on the ICE Futures exchange. Associated Press writers Pablo Gorondi in Budapest and Gillian Wong in Singapore contributed to this report.[6]

June Brent crude on the ICE futures exchange settled up $1.49 at $113.92 a barrel, also a fresh record.[28]

Crude futures, meanwhile, surged to a trading record of $117 a barrel.[3] The contract had fallen to close to $113 per barrel in overnight electronic trading, as the dollar strengthened against the euro and other currencies, encouraging some traders to lock in profits from crude's recent record run.[21] The contract had hit a trading record of $115.54 per barrel in electronic trading as the dollar fell to a new low against the euro.[13]

Crude rose to a new trading record of $115.54 overnight as the dollar fell to a new low against the euro, but later pulled back when the dollar strengthened.[6]

A weaker dollar also makes oil cheaper to investors overseas. The euro hit an all-time high of $1.5982 on Thursday, its second record in as many days against the sagging dollar, but then lost a little ground, falling to $1.5927 late in European trading.[26] The single European currency traded Friday at 1.5902 dollars after shooting on Thursday to a record 1.5984 following a weak set of U.S. data and hawkish comments on inflation by a European Central Bank official. Dealers say oil and other commodities have benefited from an inflow of money from investors seeking higher returns than they can get in battered financial markets. The sliding U.S. currency makes dollar-priced goods, such as crude oil, relatively cheaper for buyers using other currencies, stimulating demand.[41] Crude oil contracts have become an inflation hedge for some investors looking to offset a 14 percent decline in the dollar against the euro in the past year.[34]

Thursday's state average was 3.32 per gallon when crude prices were averaging over 110 a barrel. "When you consider just how much more crude oil is now than what it was last year, the gasoline prices haven't increased as much as they could have," Ingram said.[42] Disruptions in supply from Mexico due to bad weather, and in Nigeria, due to a fire, also have driven up the price of crude oil, which closed at $113.79 per barrel Tuesday.[40]

The price on futures counter in New York was up close to 6% closing the week at $116.69 per barrel.[43] Oil earlier climbed to $115.21 a barrel in New York, the highest since futures began trading in 1983.[4] Light, sweet crude for May delivery on the New York Mercantile Exchangefell $1.53 to $113.33 a barrel in electronic trading by the afternoon in Europe.[14]

Speaking before the 116-dollar breakthrough in New York, Sucden analyst Andrey Kryuchenkov said trading had been "relatively quiet but still supported by persistent supply concerns and the weak dollar." The U.S. dollar, which hit a fresh record low against the euro on Thursday, stimulates demand for dollar-priced goods because they become cheaper for foreign buyers holding stronger currencies.[36] SINGAPORE (AFP) — Soaring oil prices continued higher in Asia on Friday, trading above 115 dollars on the back of a weakening U.S. dollar that has helped drive a series of record highs, analysts said.[41] Oil prices earlier had pulled back after striking record highs above 115 dollars Thursday on the back of a weakening dollar and tight U.S. energy stockpiles.[36]

Crude oil prices soared to a record high after a main militant group in Nigeria's oil- rich region said it sabotaged a pipeline operated by a unit of Royal Dutch Shell PlC on Friday.[28] The price of crude oil was pushed higher after a militant group in Nigeria said it had sabotaged a major oil pipeline operated by a Royal Dutch Shell PLC joint venture and promised further attacks on the country's petroleum industry.[11]

April 18 (Bloomberg) -- Crude oil rebounded, approaching a record, amid claims by the main militant group in Nigeria's oil- rich Niger Delta that it sabotaged a pipeline operated by a unit of Royal Dutch Shell Plc yesterday.[5] The main militant group in the richest crude oil region in Nigeria said it sabotaged a pipeline which was operated by a unit of Royal Dutch Shell OIC on Friday, Marketwatch reported.[19]

KAZINFORM. Oil prices crossed $117 a barrel for the first time after a militant group in Nigeria said it had attacked a Royal Dutch Shell-operated pipeline.[44] "Right now, the price of oil is flirting with $115 a barrel, but if it starts hitting $120 to $125 a barrel, $4 a gallon would not be out of the question," McKenzie said. A year ago at this time, regular gas in Maine was $2.84 a gallon.[17]

Heating oil prices rose 0.0001 cents in late trading to $3.2924 per gallon.[2] In other Nymex trading Thursday, May heating oil futures fell 1.56 cents to settle at $3.2674 a gallon.[13] In other Nymex trading, May natural gas futures rose 22.8 cents to settle at $10.433 per million British thermal units.[16] May natural gas futures rose 20.4 cents to settle at $10.587 per 1,000 cubic feet. Associated Press writers Pablo Gorondi in Budapest and Gillian Wong in Singapore contributed to this report.[45]

Futures yesterday fell 7 cents to settle at $114.86 a barrel. Prices are set for their biggest weekly gain since March 14.[34] Oil futures gained $1.14, or 1 percent, to settle at $114.93 a barrel, a record close.[4]

Gasoline futures also reached new record highs. Motorcyclists in Karachi, Pakistan, get their tanks filled on Friday, amid soaring oil prices.[21] Crude Oil established a new record high at $115.54 today, after breaking through the $115 level on Wednesday. If Crude Oil holds on to this gain I think the new range will move up to $115 and $125.[46] As I mentioned last week, now that Crude Oil has broken $115 RBOB it is free to make new highs. I will not even speculate on how high this can go.[46] In case you have been living under a rock, or just haven't filled up your SUV in the last 24 hours, Crude Oil traded above our $115 price target, which provided RBOB with the momentum to break through the $2.775 resistance level I detailed out last week.[46] 'Energy prices are strong as another tumble in the dollar and an unexpected draw in crude oil stocks for last week was the catalyst for yesterday's moon-shot in the WTI pit,' said Stephen Schork, president of The Schork Report.[12] The Energy Information Administration report showed that crude oil inventories fell by 2.3 million barrels in the week ended April 11 following a decrease of 3.2 million barrels in the previous week.[47] Prices were supported by a U.S. Energy Department report on inventories, released Wednesday, that showed gasoline supplies fell 5.5 million barrels last week — much more than analysts had expected. That slide comes as the U.S. heads into its peak summer driving season, a period when demand and retail gasoline prices surge.[14] The U.S. Energy Department said Wednesday that inventories of gasoline fell 5.5 million barrels last week, a much bigger decline than forecast by analysts surveyed by Dow Jones Newswires.[26]

The Energy Information Administration's latest data revealed that inventories of gasoline fell by 5.5 million barrels last week, and crude inventories fell by 2.3 million barrels. Both drops were far steeper than expected, triggering fears about supply ahead of the summer, which is the main driving season in the United States.[25] Crude inventories fell 2.3 million barrels last week, the department's Energy Information Administration also reported, compared to the gain analysts expected.[26]

Yesterday's Energy Information Administration report said U.S crude stocks fell against an unexpected rise while gasoline inventory fell 5.5 million barrels, far steeper than a 1.7 million barrel decline that analysts had predicted.[23] The department's Energy Information Administration report also showed crude inventories fell 2.3 million barrels for the same period.[14]

"There is only 85 million barrels of oil globally in the market coming a day and I don't think you can increase that 85 million,'' Pickens said. The Energy Department this week reported an unexpected decline in U.S. crude-oil inventories and refinery operating rates last week.[38] U.S. supplies of distillate fuels, a category that includes heating oil and diesel, rose 52,000 barrels to 106.1 million barrels, the first gain in 10 weeks.[4] U.S. gasoline stocks fell 5.5 million barrels in the week ending April 11, considerably more than market expectations for a fall of 1.8 million barrels. Traders are focused on gasoline supplies ahead of the peak demand season for motor fuel that starts in May when Americans take to their cars for their holidays.[22] Oil supplies dropped 2.36 million barrels to 313.7 million in the week ended April 11, the department said yesterday. Gasoline stocks fell for a fifth week and refineries operated at their lowest rate since October 2005.[4]

World oil consumption is expected to grow by 1.2 million barrels per day. "It is still prudent to remember the threat of a major disruption in oil shipping due to man-made or natural causes, or a significant failure in the refining or gasoline distribution system in the United States has the potential to send prices soaring even beyond today's extremely elevated levels," McKenzie said. That is the rest of the story.[17] Shell, Nigeria's largest oil operator, accounts for around half of the country's 2.1 million barrels per day output.[36] Shell spokesmen in Nigeria and the Netherlands were unable to immediately confirm the attack. Shell, Nigeria's largest oil operator accounting for around half of the country's 2.1 million barrels per day output, has seen a wave of attacks on its facilities in recent months.[32]

When gasoline peaked at 3.08 per gallon last year, crude oil was being sold for about 60 a barrel. [42] "We have decreased our demand, and that is why we have seen fuel prices increase by about a quarter per gallon instead of almost doubling, which is what crude oil has done over the last year."[42]

"I've been asked why our gas prices aren't going down because we have decreased our demand, but that's because companies weren't paying 115 a barrel for crude oil," Ingram said.[42] Gas prices across the country are being pushed higher by the record cost of crude oil.[8] Even worse, many analysts say gas prices will have to climb even higher to reflect recent increases in crude oil's cost.[8]

Analysts said the U.S. inventory report also showed that the country's appetite for increasingly expensive gas is declining, noting that gasoline inventories remained at healthy levels despite the drop. "Gasoline and crude inventories dropped primarily because refiners are not really ordering crude oil and they are also holding back on operating rates because demand is weak," Shum said.[26] "The market has focused on the substantial draw in gasoline in the U.S. and also the large crude oil draw," said Victor Shum, an energy analyst with Purvin & Gertz in Singapore.[26]

April 17 (Bloomberg) -- Oil and gasoline were little changed near record highs after the Energy Department reported unexpected declines in U.S. crude inventories and refinery operating rates.[4]

Domestic gasoline and crude supplies fell last week. Russian oil production dropped this year for the first time in a decade, according to an International Energy Agency report.[6] What about the dollar? Did it stop strengthening? Not at all. Continuing the overnight gains in other markets, the dollar recorded its biggest daily rise in two weeks on U.S. markets. It's just that oil traders decided to focus on other things. Keeping this funhouse-mirror backdrop firmly in mind, we can now consider the good news from economist Dina Cover at the Toronto-Dominion Bank, who foresees a big drop in the price of oil by late this year.[10] The effect tends to reverse when the greenback gains ground. Analysts expect the Federal Reserve to cut interest rates several more times this year -- moves that tend to further weaken the dollar -- and reason that those cuts will help propel oil to new records.[21]

Strong year-on-year crude demand growth in emerging markets and supply capacity constraints are sustaining oil markets while dollar price fluctuations are coincidental, said Harry Tchilinguirian, senior analyst at BNP Paribas SA in London. "In the bigger scheme of things, the oil market is running against a backdrop of thin spare production capacity which is always very supportive of prices, and late season strength in global distillates,'' he said.[39] John Kilduff, an analyst at MF Global, agreed the dollar remains a key factor. "A weaker-trending dollar continues to be a key impetus behind the rally in crude oil, and the greenback shows no definitive signs of bottoming yet," he said. David Moore, a commodity strategist at Commonwealth Bank of Australia in Sydney, said he was surprised at the levels oil prices have risen to and expects prices to be "on the downside rather than the upside" next week.[41]

"Gas is high because the price of crude oil is high," Day said. "Consumers think there is someone pulling the strings and setting prices, but it's the marketplace that sets the price. It is very, very unusual for oil to be as expensive as it is, and the dollar to be as low."[24] Kingston said that while San Francisco may be the first major American metropolis to see $4 gas, it won't be the last. "With this continued run-up in crude oil and gasoline, four bucks seems closer every day," he said.[8]

"If it caught up to crude oil, gasoline would cost a lot more," said John Kingston, who directs oil coverage for the Platts energy information service. Ample supplies of gasoline this spring helped keep prices from rising as fast as they otherwise would have. Did sluggish gasoline sales, the result of drivers cutting back on the amount they buy.[8] Bodman, who spoke to reporters after a speech in Virginia, said the U.S. needs a 90-day supply of oil in reserve and currently has 55 to 56. Boone Pickens, a billionaire energy investor, said yesterday he reversed course and adopted a long position on oil, meaning he is betting the price of crude will rise.[31] U.S. Energy Secretary Samuel Bodman said today that the government will continue to buy oil for the Strategic Petroleum Reserve, even with prices over $100 a barrel.[31]

U.S. retail gas prices rose to a record average of $3.40 a gallon on Thursday, and some expect prices to continue to move higher.[25] Locally, Grand Junction's average of $3.36 a gallon is a new record high. For those looking for the cheapest gas, the lowest price in the Grand Valley is $3.31 a gallon.[18]

Some analysts expect gas prices to peak near $3.80 a gallon; the Energy Department, in a recent forecast, said prices could average $4 a gallon nationally at times.[11] Prices are already that high in some parts of the country, including California. With gas reaching another milestone, analysts are questioning whether consumers, who have already curtailed their driving over the past month, will cut back further in response to rising prices. They point to the trends seen last year in California; when prices soared past $3.40 a gallon in the state last November, demand plummeted by 3.7 percent.[6]

The Nymex posted a high trade of $117 a barrel at 2:47 p.m., and the quote was subsequently withdrawn. Prices rose 6 percent this week, the biggest weekly gain since February 2007. They are up 85 percent from a year ago.[31] A year ago, the price was about $64 a barrel. The average price of regular gasoline in Canada this week was $1.19 (Canadian) a litre, according to consultancy MJ Ervin Associates. It is already a dime higher than early March and could rise to $1.40 a litre, Michael Ervin said yesterday.[9]

California is already there. This week, San Francisco set that state's all-time highest average price at $3.966, up 6' cents since last week, according to a report Friday in the Central Valley Business Times of Los Angeles.[17]

Investors have also been encouraged to buy into commodities in a bid to hedge against a weakening currency and ongoing financial turmoil. Oil hit all time highs this week after the dollar slipped to almost $1.60 against the euro.[32] "The rise in the price has little to do with supply and demand, and has everything to do with the value of the dollar," Flynn told MarketWatch. "It really is all about the dollar right now and if the dollar shows any sign of strength, you'll see a lot of money come out of oil very quickly." The dollar was buying 104.52 yen, while the euro was sold at $1.5739 on Friday, compared to its rate at $1.5895 on Thursday.[7]

The dollar increased as much as 0.2 percent to $1.5884 per euro in New York, after falling to an all-time low yesterday of $1.5983. It traded at $1.5935 at 9:28 London time.[34] Oil in New York surged 82 percent in the past year as the Standard & Poor's 500 Index dropped 7.2 percent and the Dow Jones Industrial Average declined 1.1 percent. "It looks like we might have a pause for breath now that we're at $115,'' said Rowan Menzies, head of research at Commodity Warrants Australia Ltd. in Sydney.[34]

The commodity closed yesterday in New York at $10.59 (U.S.) for a million British thermal units, about the same volume as a 1,000 cubic feet. For consumers, such high prices could mean an expensive summer for air conditioning.[9] "We saw crude come down earlier on, off the back of the stronger U.S. dollar, but the underlying factor is there are still supply concerns for crude," said CMC Markets trader Nas Nijjar, adding that some traders were using crude's earlier decline to re-establish long positions ahead of the New York contract's expiry next week.[36] Though involving a tiny amount of the world's crude flow, the leak was the latest reminder of the instability that has plagued supply from Africa's largest oil producer. "It just goes to show the geopolitical tensions still exist," said Nauman Barakat, senior vice president at Macquarie Futures USA in New York.[48]

Crude futures soared above the $115-a-barrel level Friday after a Nigerian rebel group announced that it sabotaged a major oil pipeline operated by Royal Dutch Shell RDS.A.[30] Oil, meanwhile, has spiked higher on concerns about falling supplies and rising global demand, and as a weaker dollar has attracted speculative investors to crude futures.[6] The European Central Bank has to contend with rising prices, as evidenced by yesterday's upward revision of euro zone inflation for March. 'It is quite clear that investors are not prepared to liquidate oil futures at the moment, with strong fund and speculator interest as they seek better returns in commodities,' said Sucden analysts.[23] Analysts believe the primary driver of prices has been investors piling into oil and other commodities as a hedge against the weakening U.S. dollar, which also makes resources cheaper for foreign investors.[44] As long as there are expectations that the U.S. dollar will fall, the relationship between the greenback and oil will remain the focus guiding pricing, said Shum. "The oil price rally has been defying fundamentals, and so the movement in the dollar continues to drive oil in the near term," he said.[41]

Crude was mostly falling in morning trading as the dollar strengthened, weighing on dollar-denominated oil prices.[20] Prices hit a record high for the fourth straight day on Friday. Crude slipped slightly on Thursday after extending its record high before the open in electronic trading.[47]

Gasoline for May delivery climbed as much as 1.89 cents to a record $2.9579 a gallon in Nymex trading. It was at $2.9510 a gallon at 8:40 a.m. London time.[4] The contract closed up 5.8 cents, or 2 percent, at a record $2.939 a gallon. That's the highest-ever settlement for gasoline to be blended with ethanol, known as RBOB, which began trading in October 2005.[4]

Diesel prices are at a record $4.03 a gallon in Middle Tennessee, according to AAA. Contact the Editor Need Assistance? [40]

The forecast is for even bigger energy-related increases to come, including the possibility of $4-a-gallon gasoline by Memorial Day. Those inflation pressures are occurring just as the economy seems to be sinking into a recession, with consumers cutting back on spending and the housing industry, where all the troubles started, sinking further. That was the somber news from a batch of economic reports released Wednesday that depicted an economy still struggling with multiple problems from a prolonged slump in housing, soaring energy prices, a severe credit crisis and rising unemployment. The Federal Reserve said economic growth has slowed in nine of its 12 districts since February, hurt by "anemic" real estate markets and a slowdown in consumer spending.[16] The oil world's leaders are to gather in Rome for the International Energy Forum amid political calls for increased production as record crude prices weigh on a slowing global economy.[36] "On top of that, you have specific factors that create the relative shortage of oil and, now, also food.'' Boone Pickens, a billionaire energy investor, said he reversed course and adopted a long position on oil, meaning he is betting the price of crude will rise.[38] Various issues have been driving fuel prices higher including stockbrokers and other investors buying up supplies of crude oil.[42]

Since monetary expansion leads to price inflation, let us not be too surprised that Crude Oil is making new highs.[46]

The pipeline was connected to the Bonny exports terminal - the largest in the country with a storage capacity of around seven million barrels of crude oil.[22] The Chinese government last week reported that China's oil imports surged to a record 17.3 million tons in March, as the country nearly unseated Japan as the world's second-largest buyer of foreign crude oil.[14] A 5.2-magnitude earthquake in Illinois, the state's second- most-powerful on record, raised concern earlier today that it may have affected regional refinery operations. Marathon Oil Corp., the largest refiner in the U.S. Midwest, shut its Potoka crude oil pipeline as a precaution after the quake struck, though it has since returned the line to service, said Linda Casey, a spokeswoman, in a telephone interview. Marathon's 213,000 barrel-a-day refinery in Robinson, Illinois, wasn't affected, she said.[31] Since crude oil is traded in U.S. dollars, a rising loonie against the American greenback has eaten into a part of the increase.[37] "Outside of the U.S., oil demand in some areas has remained firm," Moore said. "Indicative of that was the recent Chinese trade data, which showed very strong growth in both crude oil imports and imports of oil products."[14] The sliding U.S. currency makes dollar-priced goods, like crude oil, relatively cheaper for buyers using other currencies, stimulating demand.[35]

Lower margins, or the profitability of refining, reduced the incentive for refiners to process crude oil into gasoline and other fuels. "Gasoline is showing strength independent of the rest of the complex this week,'' Ritterbusch said.[38] The contract touched a historic $113.38 on Thursday. "Oil prices were lower, coming off after robust gains earlier this week," said Sucden analyst Andrey Kryuchenkov on Friday.[22] In the past two weeks - from Farmington to Bethel - self-serve regular gas increased from $3.36 a gallon to Friday's $3.52 a gallon. Prices went up a dime this week alone.[17]

Natural gas prices fell 0.009 cents to $10.587 per million British thermal units.[2] "July and August will be very busy," said Tom Kloza, publisher and chief oil analyst at the Oil Price Information Service in Wall, N.J. "If you've got a vacation planned to Disney World or something, you're still going to take the vacation." This expectation of higher summer demand is boosting gas prices now, but prices are also rising because refiners are switching over from winter grade gasoline to the more expensive but less polluting fuel they're required to sell in the summer. That has pulled supplies lower lately as refiners try to sell off all of their winter fuel.[6] Beyond the soaring price of oil itself, there are two main factors at work. This time of year, between the peak winter and summer periods, refiners undertake maintenance. That reduces the supply of gasoline, pushing prices higher as demand remains steady.[9] Violence and political uncertainty in key oil-producing nations have helped the oil price notch up a series of records since the beginning of the year amid fears that supply will not be able to meet rampant demand from red-hot emerging economies in Asia, most notably China.[44] Purely financial investment in oil has also been a major factor. Some seek to avoid the greenback's drop by buying tangible resources, while some are speculating that they'll make money as a supply squeeze brings much higher oil prices. Recent financial plays like this could be responsible for $20 to $30 of an oil price that has doubled over the past year.[10]

Cover attempts to take into account all the different factors yanking oil's price up and down. She notes that the world's supply of oil fell significantly short of demand last year, leaving the cushion of inventories so thin that its price is particularly vulnerable to supply interruptions and speculation. Of course, there has been both.[10] Why would the price drop? Mostly because the fundamentals are changing. Although it's costlier to find oil today, it's still possible. A number of countries, most notably Brazil, will add enough supply to provide an increasing cushion to world inventories this year and next.[10]

Oil has risen 82 percent in the past year on surging demand from China, India and the Middle East and on concerns of supply limitations from countries outside the Organization of Petroleum Exporting Countries. China's Customs General Administration reported on April 15 that its diesel imports climbed 49 percent in March and crude inflows rose by 25 percent.[4] Demand in March averaged 20.37 million barrels a day, down 0.8 percent from a year earlier. Gasoline supplies have fallen for the past five weeks to the lowest since January as refiners cut their processing rates.[31] Deliveries of petroleum products, a measure of demand, declined to an average 20.48 million barrels a day in the quarter, from 20.77 million barrels last year, according to a monthly report from the industry-funded group.[31] Demand in March averaged 20.37 million barrels a day, down 0.8% from a year earlier.[43]

World oil supplies won't exceed 85 million barrels a day because of high depletion rates of existing wells, Pickens, the founder and chairman of Dallas-based BP Capital LLC, said yesterday in a speech at Georgetown University.[31]

Oil touched an intraday high of $116.93 in the afternoon and then touched $117 a barrel for the first time in electronic trading after the close.[47] Oil soared above $115 a barrel for the first time ever on Wednesday as traders mulled a weekly inventory report that showed a surprise drop in stockpiles.[47]

U.S. light sweet crude settled up $1.83 at $116.96 a barrel, before hitting a record $117. [33] In London, Brent crude for June delivery was down 57 cents at $111.86 per barrel, after touching an all-time high of $113.38 Thursday morning.[32] Crude finished the floor session down 7 cents at $114.86 a barrel after falling back when the dollar strengthened.[14]

Crude futures closed slightly lower after hitting a record of 115.54 dollars a barrel earlier in the session.[20] Crude-oil futures touched $117 a barrel and ended at their fourth record in five sessions Friday after a flurry of buying instigated by supply worries.[49] U.S. rice futures, meanwhile, rose 2 percent on the Chicago Board of Trade to a record for the third straight session, reaching $23.12 per 100 pounds.[15]

The contract rose to a new trading record of $117 in after-hours electronic trading.[28] The contract reached 114.86 at the close of floor trading on Thursday at the New York Mercantile Exchange, and struck a record peak of 115.54 in electronic trade.[41]

The dollar clawed back some ground against a basket of currencies Thursday, including the euro, which bought $1.5899 on Thursday in New York, weakening from $1.5959 earlier in the morning.[25] Friday, April 18, 2008 3:05:06 PM - The yen dropped against its major counterparts on Friday in New York. The currency fell to its lowest level in at least a month against the dollar, euro and pound. The Japanese Cabinet Office, in its Monthly Economic Report, said it lowered its assessment of business sentiment for the first time in four months. The yen slipped to its lowest level in more than three months versus the euro.[50]

Analysts observed that Thursday's price easing was more of a breather before prices go higher, propelled by a declining dollar, which fell again to a new low against the euro.[35]

The euro hit a new all-time high of $1.5982 on Thursday, its second record in as many days against the dollar, and stood at $1.5966 by midday in Europe.[15] Friday, the dollar rose slightly, after falling to all-time record low Thursday against the euro, which hit $1.5982.[14]

Reformulated gasoline rose fractionally to $2.96 a gallon, and heating oil edged 2 cents higher to $3.28 a gallon. [30] Gasoline for May delivery rose 3.15 cents, or 1.1 percent to $2.9893 a gallon.[31]

At the pump, the national average price for a gallon of unleaded gasoline gained fractionally to $3.445 per gallon, up from Thursday's $3,418, AAA said.[2] The national average for gas costs is $3.40. Prices are expected to continue their upswing because of several factors. Refineries are switching to their summer-blend gasoline, which generally includes shutting down parts of the plant for maintenance, AAA says.[40] CALGARY -- Canadian drivers should brace for record gasoline prices this spring and summer, as high as $1.40 a litre for regular unleaded gas.[9]

Retail gasoline prices have steadily climbed, hitting new records as crude prices have surged.[13] Crude prices tested record highs on Friday on fresh supply concerns surfacing on account of trouble reported in OPEC member country Nigeria.[51] Analysts indicated that the main reason for the flare up in crude price towards the end of the week was an attack on a pipeline in Nigeria.[43]

Meanwhile on Friday, prices drew modest support from supply concerns in Nigeria, where militants claimed to have sabotaged a major oil pipeline belonging to Anglo-Dutch oil group Royal Dutch Shell.[22] The oil price rally has been aided by the sabotage of a major oil pipeline operated by Royal Dutch Shell by Nigerian rebels who vowed to step up attacks on oil installations.[33]

Oil prices, meanwhile, fell slightly after setting yet another record high overnight.[6] "You have a generalized commodity bubble due to commodities having become an asset class that institutions use to an increasing extent," Mr. Soros said on Thursday at a conference in Brussels. Shares of oil and natural gas producers have benefited tremendously, with the SP/TSX energy index rising yesterday to its fifth consecutive record close at 402.7 points, up 2.83 points or 0.7 per cent. EnCana Corp. and Canadian Natural Resources Ltd., the country's two largest producers of oil and gas, both set record highs.[9] There have been more than two weeks of daily gas-price records in Southern California AAA estimated Friday's average for regular unleaded gas in San Diego County at $3.83, 7.8 cents higher than last week and 49 cents higher than last year and still no sign of a slowdown, according to gas-industry experts and consumer watchdog groups.[24] The state's average now stands at $3.84, 39 cents higher than the national average. Drivers in San Francisco typically pay more than in other California cities, partly because of the limited number of gas stations and the high wholesale costs that oil companies charge their service station operators in the city.[8]

Diesel fuel added 2.2 cents to a record national average of $4.168 a gallon.[11] The contract yesterday declined 23 cents to settle at $112.43 a barrel, after reaching a record $113.38.[34] The contract yesterday climbed $1.08, or 1 percent, to close at a record high of $112.66 a barrel.[4]

On domestic front, crude oil gained by close to 4% and the May contract on MCX closed at Rs 4,532 per barrel. [43] Don't expect prices to decrease anytime soon amid higher crude oil prices, rising world oil consumption, and low production capacity.[17] Friday, April 18, 2008 3:43:52 PM - Crude oil continued to surge on Friday and again extended its record highs.[47] LONDON, Apr. 17, 2008 (Thomson Financial delivered by Newstex) -- Oil held near record highs as the dollar remained near yesterday's historic low against the euro, boosting the appeal of dollar-denominated commodities.[23] "The market was relatively quiet but still supported by persistent supply concerns and the weak dollar." The U.S. unit, which hit a fresh record low against the euro on Thursday, stimulates demand for dollar-priced goods because they become cheaper for foreign buyers holding stronger currencies.[22]

Surging crude prices have also boosted retail gasoline prices in the U.S. ahead of the Northern Hemisphere's summer driving season when prices -- and demand -- typically increase.[21] Traders continued to flag Wednesday's surprise U.S. inventory report, which showed crude and gasoline stocks fall unexpectedly, as evidence stocks in the world's top consumer are tightening ahead of the busy demand driving season.[35]

Confirmation that production had been hit revived U.S. sweet, light crude, which had fallen more than $2 to $112.7 a barrel earlier.[44] New York sweet light crude closed up $1.83 at $116.96, while London Brent finished up $1.49 to $113.92 - a new all-time high.[44] In London, Brent North Sea crude for June delivery soared to a new high of 113.38 dollars before settling at 112.43 dollars, down 23 cents.[35] Brent North Sea crude for June delivery rose 30 cents to 112.73 dollars, from a close of 112.43 Thursday in London.[41]

Crude's rally came as the dollar rose the most against the euro in more than two weeks.[31]

Commodity prices have surged over the past year in response to the plunging dollar. Today's move in the energy complex ran counter to other commodities such as gold, which fell the most in two weeks as the dollar strengthened.[31] Investors have been buying oil contracts as a hedge against the weakening dollar, betting that rising commodity prices will offset dollar declines.[14] Investors flock to black gold and gold itself as a hedge against inflation and a weak dollar, and the turmoil in equity markets has also been pushing up oil prices.[25]

With the dollar expected to stay weak well into the second quarter, oil prices aren't likely to come down any time soon, Wardell added.[25] Prices appear to be rising more slowly in Canada in part because the high value of the Canadian dollar is offsetting some of the higher costs from rising oil prices.[37] UCAN predicts that fuel prices will peak sometime in May, hold steady, and then drop before the fall election. That assumes a stable oil price, and that's a big assumption, Langley said. "Here's the scary part: Oil prices have increased by 182 percent, while gasoline costs have only increased by 115 percent," he said.[24] In Canada, gasoline prices are $1.16 a litre and higher in most markets. They were around $1.18 yesterday in Edmonton. Some industry analysts expect the cost of fuel to increase to between $1.30 and $1.40 a litre this summer.[37] Diesel fuel runs most of the world's trucks, trains, ships and heavy equipment, and is a major factor in pushing food prices higher, experts say. "It's the cost of diesel that is really harming consumers in a way they can't see," said Charles Langley of San Diego's Utility Consumers' Action Network, which tracks local fuel prices. "When you fill up the tank and it costs $60 or $100, it hurts, but when you go to the grocery store and the price of meat and vegetables is soaring, that's diesel in action, and it's highly inflationary."[24]

Prices touched as low as $909 in electronic trading. Gold plunged lower on Friday and moved to its lowest level in nine days.[47] "I would say that energy prices are having the most profound effect on the economy in recent memory," said Phil Flynn, an analyst at Alaron Trading Corp. in Chicago, in a research note. It's not only at the gas pump that consumers are feeling the pain.[24] Analysts said there was profit-taking in early trading and also the boost in the dollar was having a major impact on prices.[20]

With poor economic data, a not-so-rosy outlook on future corporate earnings, and the FED's current monetary policy I cannot figure out how the U.S. Dollar is even trading in the 70's! There is nothing dollar-positive about anything I mentioned here.[46] Rice futures for July at the Chicago Board of Trade settled at $23.63 a hundredweight by the end of trading on Thursday, above Wednesday's high of $23.20. The Associated Press contributed to this report.[25] The reports indicated that a militant group in Nigeria's oil-rich Nigeria Delta has successfully sabotaged a pipeline, disrupting the supplies at a unit managed by Royal Dutch Shell PLC yesterday. "With this pipeline blowing up, traders have to think what else could happen over the weekend," Phil Flynn, vice president of futures brokerage Alaron Trading, told MarketWatch.[7] The run-up came after the Movement for the Emancipation of the Niger Delta -- the main militant group in Nigeria's restive south -- said it had sabotaged a major oil pipeline operated by a Royal Dutch Shell PLC joint venture.[21] A militant group in Nigeria said it had sabotaged a major oil pipeline operated by a Royal Dutch Shell PLC joint venture and promised further attacks on the country's petroleum industry.[14]

An energy trader a polymerupdate team member spoke with said, ' a Nigerian rebel group has sabotaged a major oil pipeline operated by Royal Dutch Shell and Shell officials have confirmed that production has been impacted.[51] Supply fears were stoked after Nigerian militants claimed Friday to have sabotaged a major oil pipeline belonging to Anglo-Dutch oil group Royal Dutch Shell, promising "many more" similar attacks.[36]

An International Energy Agency report pointed out that Russian oil production dropped for the first time in a decade, raising concerns whether the key oil-producing nation will have enough supply to help cater to growing global demand. Another factor was the lower refinery utilisation. [43] Oil prices have more than quadrupled since 2002 as supply struggles to keep up with booming demand, especially in China and other emerging economies.[33] David Moore, a commodity strategist with the Commonwealth Bank of Australia in Sydney, said strengthening demand in other parts of the world was also supporting oil prices.[14]

Gas prices have risen 4 percent in the past month, while oil prices have jumped more than 8 percent.[8] Americans typically drive more in the summer than during the other seasons, using more gasoline and pushing prices higher. Gas prices have climbed higher and faster in California this year than they have elsewhere in the country, partly because of the earlier spring maintenance schedule at the state's gasoline refineries.[8] Natural gas prices were down 2.3 cents to US$10.41 per 1,000 cubic feet. Associated Press writer Gillian Wong in Singapore contributed to this report.[26] Near-term natural gas jumped 20 cents to $10.58 per million British thermal units.[30]

"I think were going at least to $125 (per barrel)," Cordier said. "Thatll probably translate to about $3.80 (a gallon for gasoline) at the pump."[13] May RBOB has broken though massive resistance at the $2.75-$2.775 level (Light Blue Dashed Line), which will now be a technical support level. It is free and clear, and I regret to inform you that $4.00 per gallon at the pump might be in the very near future. RBOB is free and clear of both the 18 and 45 day moving averages and Stochastics are embedded.[46]

If the spread is held through expiration with the price of the underlying futures contract settlement is below the lower strike price, the value of the option spread will be Zero ($0.00), the price you paid for the option spread and all associated fees will lost.[46]

New petroleum inventory figures send prices higher. It will pay $600 million.[30] CATTLE: Prices on the Chicago Mercantile Exchange slipped despite news that U.S. beef would resume flowing to South Korea in mid-May.[48] U.S. rice futures also rose to a new high on reduced global inventories and heightened demand from Asia.[25] The EIA report also said inventories of distillates, which include heating oil and diesel, unexpectedly rose last week by about 100,000 barrels.[26] Gasoline inventories fell 5.52 million barrels to 215.8 million barrels, the Energy Department report showed, the biggest drop since August.[4] Gasoline stocks fell 5.5 million barrels, four times more than market expectations.[36]

Crude-oil stockpiles were forecast to rise 1.8 million barrels last week, according to the median of responses by 15 analysts surveyed by Bloomberg News.[4] A 1.8 million-barrel decline was forecast, according to the median of responses by 15 analysts surveyed by Bloomberg News. Supplies reached a peak of 235 million barrels on March 7, their highest since 1994.[4]

Oil may fall next week on forecasts that demand will drop because of reduced refinery operating rates, according to a Bloomberg News analyst survey. [39] Oil may fall next week on forecasts that demand for crude will drop because of reduced refinery operating rates and that imports will rebound.[34]

MUMBAI: For the second week in a row, crude oil has recorded the maximum rise.[43] "A weaker trending dollar continues to be a key impetus behind the rally in crude oil and the greenback shows no definitive signs of bottoming yet," said Kilduff. "While this may make the market vulnerable to some corrective bouts of selling, there doesn't seem to be anything that will alter the thinking that these periodic pullbacks are opportunities."[35] Refiners also aren't ordering more crude oil, precisely because of weak demand.[25] The group promised further attacks on the petroleum industry in Africa's largest producer of crude oil.[21]

Attacks since early 2006 on oil infrastructure by the Movement for the Emancipation of the Niger Delta have cut nearly one quarter of Nigeria's normal petroleum output, boosting oil prices. The militants say they are fighting to force the federal government to send more oil industry revenue to their areas, which remain desperately poor despite decades of oil production.[14] The surge in oil prices reflected concerns about how much gasoline will be available during America's driving season.[26]

The national average price for gasoline is averaging around 3.42 per gallon.[42] Concerns about sagging U.S. gasoline supplies ahead of the peak demand of the Northern Hemisphere summer also helped boost prices.[26] That slide comes as the U.S. heads into its peak summer driving season, a period when demand and retail gasoline prices surge.[13]

Diesel prices are also at record levels, and the spike in fuel costs in hurting U.S. consumers already feeling the effects of a slowing economy, a sluggish job market and falling home values.[21] The Labor Department said consumer prices rose by 0.3 percent in March, after being unchanged in February, as energy prices jumped by 1.9 percent and airline fares, reflecting higher fuel costs, increased 3 percent, the big- gest one-month gain in six years.[16]

George Soros, who made $2.9-billion last year as a fund manager, thinks the market is being distorted by investors, calling surging commodity prices a "bubble."[9] Analysts said investors were locking in gains from crude's ongoing rally and trying to determine whether prices have more room to rise.[37] Supply risks are helping to boost prices as many investors continue to view crude markets as tight.[36]

While crude prices have slipped slightly so far on Friday, prices remain well supported by historic dollar weakness on two fronts.[32] Fund money rushed back into commodities today, seen by higher precious metals and industrial metals prices, with copper at a record too, spurred by dollar weakness.[12] The rally capped a week of record highs fueled by supply woes and the dollar's weakness relative to other major currencies.[21] The initial fall was sparked by the dollar's recovery against the euro - a turn-off for oil's foreign buyers. Supply fears and uncertainty in oil-rich Nigeria erased those declines.[44] Additional influence to the rise of the oil can factored in by the strengthening dollar against euro and yen.[7]

The dollar has been tumbling since last September when the first signs that the slumping housing market threatened to wipe out profits at some of the world's largest banks became apparent. This prompted the U.S. central bank, the Federal Reserve, to begin months of aggressive cuts to interest rates - a move that tends to hurt the value of a currency as investors switch to other currencies or investments to get a better return on their capital, Kazinform has learnt from BBC News. A lack of nasty surprises in banking giant Citigroup's results earlier - despite further write-downs on bad loans - and a sense that banks are starting to tackle their problems helped to lift confidence in the greenback, which gained some ground against the euro and Japanese yen.[44] The dollar rose against the euro yesterday as surprisingly robust U.S. inflation and manufacturing data suggested the Federal Reserve may be less aggressive in cutting interest rates.[28]

The dollar fell against the Euro yesterday as a sharp fall in housing starts reinforced expectations that U.S. interest rates would be cut again.[28] The euro hit a record high 1.5984 dollars Thursday as the European Central Bank warned that surging eurozone inflation could last longer than thought, dimming prospects of an interest rate cut in the near term.[35]

New York, April 17 (Xinhua) -- The dollar was lower against the pound but higher against the euro and other major currencies on Thursday.[20] The dollar rallied against the Japanese though much of the morning, reaching 104.64 in the middle of the day in New York. This marked its highest level since late February.[47]

Refineries operated at 81.4 percent of capacity last week, the Energy Department reported. "The real gloomy scenario has been sort of ameliorated with some of these very positive earnings and the indication that the worst is behind us,'' said John Kilduff, vice president of risk management at MF Global Ltd. in New York.[31] "Oil backed off on Juncker's comments, but the trend remains higher,'' said Tom Bentz, a broker at BNP Paribas in New York.[38] The dollar was mixed versus other major currencies Friday morning in New York.[47]

'The U.S. dollar appears far from a bottom unless some type of intervention is forthcoming. The global diesel/gasoil market remains unusually tight and is unlikely to loosen appreciably any time soon with refinery activity at lowest levels in more than 2 years,' he added. [23] The Office for National Statistics said public sector net borrowings in the UK increased GBP3.1 billion to GBP10.2 billion in March. The Japanese currency fell to its lowest level since late February against the U.S. dollar.[50] "There is a strong, significant negative correlation between the U.S. dollar and commodities,'' said Eugen Weinberg, an analyst at Commerzbank AG in Frankfurt.[39] "There has been a broad sell-off in commodities largely driven by the U.S. dollar,'' said David Gaskill, commodities trader at Liquid Capital Markets Ltd. in London.[39]

A surge in U.S. equity markets Friday also curbed the appeal of crude markets as a financial hedge against the recent economic turmoil and dollar weakness.[36]

West Texas crude for May delivery jumps $1.60 to $113.36 a barrel. [30] Light sweet crude for May delivery closed at $116.60, up $1.83 on the session.[47]

Friday, local gas was $3.86 a gallon, up from $3.76 from the previous week and $3.35 a year ago, according to UCAN estimates. [24] Four other gas stations in between climbed a nickel within a few hours Thursday to $3.47 a gallon.[17]

Diesel reached an unprecedented $4.42 a gallon, up from $3.14 a gallon a year ago.[24]

Gold fell as low as $940.30, after climbing to as high as $956.20 in the early going. Prices climbed by $16.30 on Wednesday and moved to their highest level of the month.[47] With the greenback currently close to $1.59 against the euro, prices have become relatively cheaper for overseas buyers.[32] The euro stood at $1.5758 in afternoon trading in Europe and was seen staying within a narrow range.[14] The U.S. currency gained after failing to weaken beyond $1.60 and Luxembourg Finance Minister Jean-Claude Juncker said the euro's advance isn't desirable.[38]

Why? Because traders saw a few good corporate earnings reports as a sign that the U.S. economy would rebound, consuming more oil.[10] While the sabotage report has not yet been confirmed by Shell, traders bid the price of oil higher as soon as the rumors of the attack began to swirl.[30]

"The report has provided a knee-jerk reaction for the market and has driven oil to a new high."[26] MEND, which came to prominence in early 2006 has claimed responsibility for a series of attacks on Nigeria's oil industry and related sectors in the past two years. [email protected] ds1/ds1/rfw Copyright Thomson Financial News Limited 2008.[32] Oil markets were rattled by a pipeline leak in Nigeria, a major exporter of a high-quality crude blend similar to that delivered against the Nymex benchmark.[48] The attack took place at Adamakiri at 10:30 p.m. local time on a pipeline that crosses from the Cawthorne channel to the Bonny oil export terminal, the Movement for the Emancipation of the Niger Delta said in an e-mailed statement today. Caroline Wittgen, a Shell spokeswoman in Lagos, said she wasn't aware of the attack.[39]

Oil and other commodities continued to attract investors as the values of the dollar continued falling and as a hedge against inflation.[26] T. Boone Pickens, the billionaire energy investor, was previously shorting oil - betting it would fall - but now thinks it will rise further.[9]

"Oil is holding steady around the 115 level and overall, the market in the near term will likely on average trade sideways with a possibility of higher highs," said Victor Shum of Purvin and Gertz energy consultancy in Singapore.[41]

Oil fell back from a record high Thursday, but don't expect real relief anytime soon.[25] Output from Russia, the largest oil producer after Saudi Arabia, fell 1.3 percent in March from a year ago.[4] U.S. fuel consumption fell 1.4 percent in the first quarter, compared with a year earlier, the American Petroleum Institute said on April 16.[31]

Food prices, which have been steadily rising for more than a year, were up by 0.2 percent in March and 4.4 percent over the past 12 months.[16] The price of some food staples showed even bigger increases over the past year, including a 14.7 percent rise in the price of bread and a 13.3 percent increase in milk prices over the past year.[16]

Sixteen of 32 analysts surveyed by Bloomberg News, or 50 percent, said prices will drop through April 25.[34] According to analysts, the refiners in America are trying to create an artificial shortage of gasoline and other distillates. Gasoline supplies have declined over the past five weeks to the lowest since January as refiners cut their processing rates. The refineries are running at 80% capacity and this could lead consumers to dip into the gasoline storage, particularly when driving season picks up. This is expected to happen despite the high price.[43] "The 81 percent refinery run rate could have us quickly ripping through our gasoline storage, particularly as the driving season picks up, which it will despite the high pump price,'' Kilduff said.[31]

And, even in a recessionary economy, seasonal gasoline demand will pick up, which adds to stress on the global oil supply chain," Jan Stuart at UBS said in a research note. Wardell said that oil was no longer being valued on its fundamentals. [25] Lower margins, or crack spreads, reduced the incentive for refiners to process oil into products, including gasoline and diesel fuel.[4]

"In an environment where demand-related news is discounted in favor of any indication of supply tightness, potential bears are not going to offer much to push back a relentless tide of buying. Yesterday's inventory report added fuel to this fire," said John Kilduff, an analyst at MF Global.[35] "Every time it dips, the buyers come back in, and before you know it, you're making new highs," said Tom Bentz, a broker and analyst at BNP Paribas Commodity Futures.[48] In general, your risk of loss on a Bull Call Spread is limited to the price you pay for the spread. If the spread is held through expiration with the price of the underlying futures at or above the top strike price of the spread at the time of expiration, then the theoretical market value of this spread will be realized.[46] RISK DISCLOSURE: Futures and Options on Futures trading involves substantial risk of loss and is not a suitable investment for all types of investors.[46]

The front-month contract hit 117 dollars a barrel in electronic trading after markets closed.[20]

GOLD: Prices on the Comex division of Nymex fell as strength in the dollar and the stock market prompted heavy selling.[48]

The most valuable commodity producer on the Toronto Stock Exchange is Potash Corp. of Saskatchewan, which rose more than 10 per cent in the past week - including 4.5 per cent yesterday. It is now TSX's No. 2 name based on market capitalization, behind only Research In Motion Ltd.[9] Traders, who were seen booking profits Friday after the record highs earlier in the week, were also keeping an eye on unrest in Africa's biggest crude producer.[14] Gas supplies in California and throughout the United States have been inching down in recent weeks. As they drop, prices will have another reason to rise.[8] While gas prices are bad, AAA spokesperson Clay Ingram said they could be worse.[42]

Militants claimed responsibility for an explosion that stopped about one-fifth of Nigeria's daily output of 2.47 million barrels a day, The Washington Post reported. [2] AAA says the national average for a gallon of regular unleaded is now at $3.45 a gallon and climbing.[18] "People were expecting an increase in crude stocks and gasoline is going down,'' said Ehsan Ul-Haq, head of research at JBC Energy in Vienna.[4] Looking ahead, most commodity markets are expected to track the dollar in the short term and equity markets which are being used as a sign for where demand is headed. as/ms1/as/lht Copyright Thomson Financial News Limited 2008.[12] A rebound in the dollar has helped to keep gains in check, as commodities priced in the U.S. currency become more expensive for overseas investors.[36]

"Any kind of geopolitical tension is going to pump up the market," Mark Waggoner, president of Excel Futures in Huntington Beach, Calif., told The Wall Street Journal news report. [7]

SOURCES

1. Oil hits record $115.45 as weak dollar, low US crude stocks spark more buying - Forbes.com
2. Crude prices have another record day - UPI.com
3. Retail gasoline prices, oil futures march higher | Chron.com - Houston Chronicle
4. Bloomberg.com: Africa
5. Bloomberg.com: India & Pakistan
6. The Associated Press: Gas prices pass $3.40 a gallon, are expected to rise higher
7. Crude Oil Touches $116 For First Time Over Supply Disruption | April 20, 2008 | AHN
8. No respite in rising price of crude oil
9. reportonbusiness.com: Gasoline price seen heading to $1.40 a litre
10. The price of oil will drop - unless it keeps going up
11. The Associated Press: Gas prices push closer to $3.50 a gallon, oil hits $117
12. Oil strikes record $115.54 on dollar slump, tight US crude stocks, fund money
13. Crude oil futures settle slightly lower after new record as investors lock in profits - International Herald Tribune
14. The Associated Press: Oil prices sink toward $113 a barrel as dollar firms
15. Oil pushes above $115 a barrel - International Herald Tribune
16. Energy, airfares pinch consumers hardest | Chron.com - Houston Chronicle
17. SunJournal.com - Gas pains
18. Gas Prices Hitting New Records - Local News - News : Grand Junction, Colorado
19. Crude Oil Hits New Record Above $116 a barrel | IBT Commodities & Futures
20. Crude touches $117 for first time_English_Xinhua
21. Crude hits record $117 per barrel - CNN.com
22. Oil prices ease from record highs- Indicators-Economy-News-The Economic Times
23. Oil holds near record as dollar remains weak; few willing to sell into rally
24. SignOnSanDiego.com > News > Business -- Gas prices soar; no slowdown in sight
25. The Oil Slick Will Stick - Forbes.com
26. The Associated Press: Oil hits another record high as dollar tumbles to record low
27. Gas prices push closer to $3.50 a gallon, oil hits $116 | APP.com | Asbury Park Press
28. Commodity Online : Oil hits record
29. Oil retreats from record high as the dollar moves up - MarketWatch
30. Crude Oil Climbs Past $115 | Energy | COP CVX HES RDS.A XOM - TheStreet.com
31. Bloomberg.com: Worldwide
32. Oil pulls back towards $114 as dollar takes on firmer tone
33. domain-b.com : Crude oil hits a new peak at $117 a barrel
34. Bloomberg.com: India & Pakistan
35. AFP: Oil prices cool slightly from red-hot records
36. AFP: Oil hits 117 dollars on talk of Nigeria pipeline attack
37. edmontonsun.com - News- Gas price shatters record
38. Bloomberg.com: Australia & New Zealand
39. Bloomberg.com: India & Pakistan
40. Nashville gas prices hit record levels - Nashville Business Journal:
41. AFP: Red-hot oil prices continue higher
42. The Clanton Advertiser: News
43. Oil hits record $117 a barrel- Markets-The Sunday ET-Features-The Economic Times
44. inform.kz | 163395
45. Crude hits record $117 per barrel on supply worries in Nigeria - International Herald Tribune
46. Inside Futures: Relevant trading-focused information authored by key players in the futures, options and forex industries
47. RTTNews - Forex News top stories, Forex Trading, European Market Update, Currency Market Update, Forex trading.
48. Moneyweb - Wall Street Journal - Crude oil touches $117, while gold pulls back
49. Free Preview - WSJ.com
50. RTTNews - Forex News top stories, Forex Trading, European Market Update, Currency Market Update, Forex trading.
51. Polymerupdate News Archive Login

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