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Oil and gasoline futures plunged Monday, on concerns about the economy's health and as investors sold to lock in profits from last week's record-setting rally.
Oil tumbled below $76 per barrel Friday, dragged down as disappointing U.S. economic data helped send stock markets down again
Oil rose near an all-time high on Thursday, as OPEC officials said the producer group would not hike output, despite concerns of a supply shortfall.
The European Central Bank kept its core lending rate at 4% Thursday, as widely expected, but a hike in September was signaled. The Bank of England also held steady, leaving rates at 5.75%.
Oil prices retreated after jumping to a new record Wednesday on the government's report of a steep drop in crude inventories and surge in refinery activity.
Oil futures settled at a record high above $78 Tuesday on expectations that crude inventories fell last week and reports of new violence in Nigeria, a large oil producer and key supplier to the U.S.
Inflation in the 13 nations that use the euro fell to 1.8 % in July, the EU statistics agency said Tuesday, as business confidence weakened from a near-record high.
Oil fell on Monday as traders took profits after supply concerns sent prices above $77 abarrel last week and near record highs.
Oil jumped more than 2 percent to its second highest settlement on record on Friday as supply concerns and signs of U.S. economic growth helped counter worries about falling stock markets.
Japanese core consumer prices in June fell only slightly from a year earlier, as expected, but market fears about the health of U.S. credit markets raised doubts about the likelihood of a rate increase next month.
Oil prices fell on Thursday as a sharp drop in the U.S. stock market spurred concerns about crude demand growth, reversing an earlier rally.
The dollar dropped to a 3-month low Thursday, as investors spooked by growing problems in credit markets fled risky assets financed by borrowing in the low-yielding Japanese currency.
Oil prices jumped on Wednesday after U.S. government data showed a draw in crude inventories as refiners' utilization increased.
The dollar jumped broadly Wednesday in a technical rebound from record lows against the euro, shrugging off fresh signs of deterioration in the U.S. housing sector.
Inflation in Australia jumped past all expectations last quarter as the cost of petrol, food and health care climbed, greatly adding to the risks of a rise in interest rates as early as August.
The dollar fell to a 15-year low against a basket of major currencies and a record low against the euro Tuesday, hurt by the potential for credit woes and housing market weakness to weigh on the U.S. economy.
Oil rose Tuesday afternoon to well over $73 per barrel -- after sinking more than $1 below $73 a barrel earlier in the day. The slide was attributed to further assurances from OPEC that it would pump more crude if needed, as well as expectations of higher U.S. fuel stockpiles.
The dollar edged higher against the euro Monday, recovering from a record low, as dealers awaited economic data later in the week to see if U.S. credit market turmoil has spread to other sectors.
Oil fell below the $75-per-barrel mark on Monday, as some funds booked profits after OPEC expressed concern over near-record prices -- and pledged to pump more crude if needed.
After a first quarter swoon, business is more upbeat about the current quarter and the rest of the year--especially when it comes to hiring, profits and productivity, the latest survey by the National Association for Business Economics shows.