Oil Futures

Oil slipped lower in New York futures trading but managed to stay above $90 a barrel. The U.S. benchmark West Texas Intermediate grade of crude declined 10 cents to $90.76 a barrel on the New York Mercantile Exchange because of trader concerns about European economies.  In London, the European benchmark Brent crude fell 75 cents to $106.36. Meanwhile, motorists were enjoying a bit of relief at the pump - even in California where the average gasoline price set a record over the Memorial Day weekend.

With average gas prices approaching $4 nationally and already above that in California, American consumers are watching their hard-earned dollars go down the gas tank. For President Obama, that's not great news because voters hate high gasoline prices. According to a Reuters/Ipsos survey conducted in March, when prices were about where they are now, 68% of Americans disapproved of Obama's handling of gas prices. Republicans have since pounced, arguing that gasoline prices have more than doubled under his leadership.

Retail gasoline prices increased sharply again over the last week, while oil futures rose to the highest close since November. The average price of a gallon of regular gasoline in California jumped 11.9 cents to $2.756 a gallon, according to the Energy Department's weekly survey of filling stations. That was the nation's biggest rise, ahead of the Midwest's 11.7-cent climb to $2.585 a gallon, helping drive the national average up 8.9 cents to $2.524 a gallon.

California's gasoline prices may have peaked after the refinery fire at Chevron Corp.'s Richmond facility, but they still rose enough over the last week to reach their highest level ever for the third week of August, the Energy Department said Monday. The average price of a gallon of regular gasoline in California was $4.129, according to the Energy Department's weekly survey of gas stations. That was up 3.3 cents from a week earlier — and 26.1 cents higher than on Aug. 6, just before the refinery fire knocked out parts of the state's third-biggest fuel-producing plant.

There were ample supplies of both crude oil and gasoline in the U.S., but the price of oil climbed Monday and managed to regain the $79- to $80-a-barrel level. Gasoline prices fell in California and nationally. Analysts said that oil's ability to remain high despite a variety of negative economic indicators, as well as retail gasoline's inability to escape its own demand fundamentals, were among the reasons that some U.S. refineries have been shut down or idled. On Tuesday, the nation's No. 2 oil company announced it would restructure its refinery business.

Oil futures prices continued falling in volatile trading today, dropping below $20 a barrel for the first time since 1979. At noon on the New York Mercantile Exchange, a barrel of West Texas Intermediate crude, the benchmark U.S. grade, was selling at $19.85 for delivery in February, down $1.42 from Monday's close of $21.27. Overabundance of supply, weak demand and market factors have all contributed to the decline, analysts said.

Oil futures prices stabilized Wednesday, moving back above the $16-a-barrel level and giving a breather to some of the other futures markets. Crude oil on the New York Mercantile Exchange advanced 72 cents a barrel after sinking $4.22 in the three previous trading sessions. Grain and precious-metals futures also settled higher, partly because of the increase in oil prices, analysts said. Heating oil futures advanced strongly, with the contract for delivery in March rising by 3.

Oil futures prices slumped again Wednesday, eroding the gains registered during a three-day rally last week and dipping below the $16 level. The crude oil contract for delivery in March touched $15.70 a barrel before settling at $15.73, down 82 cents on the New York Mercantile Exchange. The market reacted to a report late Tuesday showing "a strong buildup in crude stocks," said Peter Beutel, an analyst in New York with Rudolf Wolff Energy.

Gasoline prices are rising nationwide as the summer driving season nears, and oil futures appear poised for a breakout on encouraging economic news and fears about the seriousness of the Gulf of Mexico oil spill. Over the last week, pump prices saw their biggest jump in more than a month, according to the Energy Department's weekly survey of U.S. filling stations. Nationwide, the average price of a gallon of regular gasoline rose 4.9 cents to $2.898. In California it rose 3 cents to $3.118.

Oil futures prices rallied Friday for the third consecutive session, propelled by an aggressive demand for heating oil. The contract for heating oil for delivery in March, on which there is no daily trading limit, advanced by 4.96 cents a gallon on the New York Mercantile Exchange. The other deliveries were up the 2-cent limit.

The euro strengthened Monday, rebounding from a four-day losing streak, as polls showed Greece's pro-bailout parties have gained ground. European stocks erased gains, Spanish bonds declined and yields on German two-year notes fell to a record low. The euro rose 0.2% to $1.2538. The Stoxx Europe 600 index lost less than 0.1%, moving lower after gaining as much as 0.9% as banks slumped. Spain's IBEX 35 dropped 2.2% while Germany's DAX index retreated 0.3%. Yields on two-year German bonds slipped to 0.027%.

Oil slipped lower in New York futures trading but managed to stay above $90 a barrel. The U.S. benchmark West Texas Intermediate grade of crude declined 10 cents to $90.76 a barrel on the New York Mercantile Exchange because of trader concerns about European economies.  In London, the European benchmark Brent crude fell 75 cents to $106.36. Meanwhile, motorists were enjoying a bit of relief at the pump - even in California where the average gasoline price set a record over the Memorial Day weekend.

Crude oil futures tumbled to a six-month low overnight amid worries about oversupply in the U.S. and political instability in Greece. West Texas Intermediate futures slumped $2.17 on the New York Mercantile Exchange to $91.81 a barrel in midday trading, an intra-session low not reached since Nov. 3. They closed Tuesday down 80 cents to $93.98 a barrel, the lowest end-of-day number since Dec. 19. Traders reacted to a Tuesday report from the...

WASHINGTON - Facing heat for high gasoline prices, President Obama tried to shift the focus to Congress, Republicans and energy traders, calling for legislation that he said would "put more cops on the beat" to crack down on potential manipulation of the oil market. Obama called on Congress to provide more money for regulators and increase penalties for market manipulators. The president, flanked by Treasury SecretaryTimothy F. Geithnerand Atty. Gen. Eric H. Holder Jr., suggested that traders and speculators are affecting the price of oil and digging into Americans' pocketbooks.

U.S. oil prices on Monday remained nearly $10 a barrel above last year's record average for the commodity, leading at least one analyst to suggest that $105 crude may become "the new normal" unless fears about Mideast turmoil begin to ease. Crude oil futures were up 4 cents on the New York Mercantile Exchange to $106.91 a barrel. In 2011, oil prices on the NYMEX averaged more than $97 a barrel for the first time ever, according to Energy Department statistics. "At the end of the day, we have one heckuva Iran premium built into the current price for oil," said Phil Flynn, an oil analyst for PFGBest Research who made "the new normal" comment, referring to continuing fears over Iran's nuclear power development.

Some respite. After a day or so in which prices dropped by a negligible amount,  the national average for a gallon of regular gasoline is again on the rise, up 0.9 cents overnight and up 3.4 cents since last week to $3.801. In California, the price rise appeared to be leveling off, but few analysts seemed willing to place a bet on that. Overnight, California's average for a gallon of regular rose 0.1 cent to $4.359. Other states were also feeling the pain, with Illinois last week joining Hawaii, California and Alaska as the only states averaging more than $4 a gallon.