As Gasoline Passes $4, Oil Falls Back

As Gasoline Passes $4, Oil Falls Back

Gasoline prices continued to rise above a national average of $4 a gallon, but oil futures retreated after Treasury Secretary Henry Paulson said he will not rule out intervention to stabilize the dollar — boosting the greenback against the euro — and Saudi Arabia said it will call for a meeting to discuss crude-oil prices.

Light, sweet crude for July delivery fell $4.19 to settle at $134.35 a barrel in volatile trading on the New York Mercantile Exchange.

In other Nymex trading, July gasoline futures dropped 15.4 cents to settle at $3.394 a gallon, and July heating oil futures lost 9.7 cents to settle at $3.877 a gallon.

Natural-gas futures fell 89 cents to $12.604 per 1,000 cubic feet.

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