As Gasoline Passes $4, Oil Falls Backadmin
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.