CNBC's Jackie DeAngelis discusses the day's activity in the commodities markets. Brent crude slides, and traders watch China and the dollar.» Read More
U.S. light, sweet crude for June delivery fell $1.58 to settle at $124.22 a barrel Wednesday on the New York Mercantile Exchange.
Oil prices didn't set a Nymex closing record Tuesday, but they came very close.
Oil slipped from a record high over $126 a barrel Monday as a dip in crude oil imports into No. 2 consumer China stirred concerns high prices were eating into demand.
U.S. crude oil futures ended at a record high on Thursday, fueled by yet another rally in heating oil futures, which hit a new peak.
Oil prices climbed to a fresh closing peak of above $123 a barrel despite a big increase in U.S. crude supples.
Crude oil prices closed at yet another record of $121.84 a barrel on Tuesday after a forecast that prices will just keep climbing.
Robust demand for crude and a weak dollar have fuelled the rally from a dip below $50 at the start of 2007 to $120 a barrel and above.
Crude oil futures leaped to a new all-time high above $120 a barrel, as supply concerns grew and the U.S. dollar weakened against the euro. Retail gasoline and diesel prices eased over the weekend, although pricier oil threatens to push them higher again.
Oil jumped more than 3 percent to over $116 a barrel Friday, after a report -- showing the U.S. economy lost fewer jobs than feared in April -- eased worries about the country's economic health.
Another jump in the dollar and the end of an oil workers' strike in Nigeria sent crude prices falling Thursday, as speculators who drove crude futures to nearly $120 pulled out of the market. Retail gas prices, meanwhile, rose to a new record above $3.62 a gallon.
Oil fell $2 a barrel, extending a retreat from a record high this week to more than 5 percent after a US government report showed crude oil stockpiles rose much more than expected in the world's top energy consumer.
Oil fell more than $3 a barrel on Tuesday, retreating further from a record high hit a day before, as the dollar firmed and a strike ended at Britain's Grangemouth refinery.
Oil hit a fresh peak near $120 a barrel on Monday as supply outages in Nigeria and Britain shut down nearly 2 million barrels per day (bpd) of output in the Atlantic Basin.
OPEC President Chakib Khelil does not rule out oil prices reaching $200 a barrel, even though supply is adequate, because the market is driven by the dollar's slide, Algerian government newspaper El Moudjahid reported on Monday.
Oil settled up over $118 -- down from its intra-day high above $119 -- aafter a workers strike cut production in Nigeria and tensions rose between the United States and Iran
Oil settled slightly above $116 a barrel on Thursday as the dollar firmed and investors booked profits after crude rallied to a record high earlier this week.
Oil rose on Wednesday after U.S. government data showed a bigger-than-expected decline in gasoline stocks ahead of the summer driving season, offsetting a build in crude inventories.
Oil surged more than $2 to close at a record settling price near $120 a barrel on Tuesday as supply concerns from Nigeria and the North Sea propelled crude higher.
Crude oil prices hit a record closing high over $117 a barrel on Monday as rebel attacks cut Nigerian supplies and a Scottish refinery strike threatened North Sea crude production.
Record high oil prices have deepened economic pain and even energy producers have begun to fret, but at talks with their customers in Rome they blamed the U.S. dollar and said they could not halt the rally.