Oil Recoups Weeks Lossesadmin
Oil prices rose back above $128 a barrel after the dollar fell in response to comments by European Central Bank President Jean-Claude Trichet suggesting the bank could raise interest rates. At the pump, meanwhile, gas prices rose to a new record near $3.99, and are likely to hit $4 soon.
Light, sweet crude for July delivery rose as high as $128.26 before retreating slightly to settle up $5.49 at $127.79 on the New York Mercantile Exchange, easily regaining all ground lost earlier in the week.
In other Nymex trading, July gasoline futures rose 13.94 cents to settle at $3.3345 a gallon while July heating oil futures rose 13.5 cents to settle at $3.6808 a gallon.