Crude Oil | featured news

U.S. gasoline prices crept up by about 2 cents per gallon over the past two weeks, but higher crude oil prices are likely to mean more small increases on the horizon, the latest Lundberg Survey concluded Sunday.

U.S. oil inventories shrank far less than analysts had expected, but the glut at the Cushing, Okla., hub continued to grow.

The average price for a gallon of regular gasoline in the United States fell 15.9 cents to $3.624 in the past three weeks due to a drop in crude oil, which took a hit from fears over Europe's economy and a stronger dollar, the Lundberg Survey showed. The national average for regular gasoline as of June 8 was down more than 11.62 cents from the year-earlier level of $3.74 a gallon, according to the survey of some 2,500 gasoline stations in the continental United States.

Crude-oil prices fell nearly 2% on fresh speculation that developed countries will release strategic stockpiles in an effort to combat high crude prices.

U.S. gas prices jumped more than 11 cents per gallon over the past two weeks, but may be peaking as the price of crude oil holds steady, according to the latest Lundberg Survey.

Royal Dutch Shell is struggling to pay off $1 billion that it owes Iran for crude oil because European Union and U.S. financial sanctions now make it almost impossible to process payments, industry sources said.

The United States exempted Japan and 10 EU nations from financial sanctions because they have significantly cut purchases of Iranian crude oil, but left Iran's top customers China and India exposed to the possibility of such steps.

American Airlines' parent company is seeking Chapter 11 bankruptcy protection as it seeks to unload massive debt built up by years of accelerating jet fuel prices and labor struggles.

The International Energy Agency says 28 countries have agreed to release 60 million barrels of crude to the market to offset disruptions prompted by Libya's war.

Oil prices plummeted by almost 9 percent on Thursday as traders worried that American drivers were beginning to balk at the price of gasoline.