Oil, Economic Recovery | featured news

What only weeks ago was seen as a serious threat to the economic recovery could now turn into a stimulus everyone can love. Oil and gasoline prices are sinking, giving relief to businesses and consumers who a few weeks ago seemed about to face the highest fuel prices ever.

Brent crude rose towards $120 a barrel and U.S. crude hit a 2-1/2-year high above $108 on Monday as unrest in the Middle East and North Africa kept the focus on oil supplies as economic growth bolstered demand for fuel.

Linking economic growth and energy independence, President Barack Obama says shifting the country away from imported oil and toward cleaner forms of energy will help continue a trend that has led to 1.8 million new jobs in the past 13 months.

Oil prices tumbled 3 percent Thursday, as economists warned that the recent surge in fuel prices will eventually hurt the fragile economic recovery....

Oil prices rose above $85 a barrel Monday, extending gains from last week as investors bet an improving U.S. job market will herald growing crude demand.

Oil prices fell 3.2% Monday, to below $70 a barrel, as further signs of weak fuel demand raised expectations that prices may have raced ahead of the nascent economic recovery.

Prices have dropped as traders and investors acknowledge that a global recovery will take longer than hoped.

Stocks and the prices of oil and other commodities rose as hope for a global economic recovery grew despite GM's woes.

The recession may have slashed demand while supplies have swelled, but oil is being hoarded as producers and investors await an economic recovery.