Many analysts argue that oil prices have risen far beyond levels that can be justified by supply and demand. This school of thought believes the dollar's decline has attracted speculators to oil and other commodities, artificially inflating prices. Some analysts see signs in the prices differences between the current July crude contract and contracts for delivery in future months that could mean oil prices are set to decline in coming months.
In other Nymex trading Thursday, June heating oil futures rose 1.91 cents to $3.9275 a gallon after earlier rising to a record $4.0153. Heating oil, which is closely related to diesel, is often traded as a proxy for diesel.
June gasoline futures fell 4.25 cents to $3.354 a gallon, and June natural gas futures rose 10.8 cents to $11.748 per 1,000 cubic feet. The Energy Department said natural gas inventories rose last week by 85 billion cubic feet, in line with analyst estimates.
In London, July Brent crude futures fell 97 cents to $131.73 on the ICE Futures Exchange.
The Associated Press.
In other Nymex trading Thursday, June heating oil futures rose 1.91 cents to $3.9275 a gallon after earlier rising to a record $4.0153. Heating oil, which is closely related to diesel, is often traded as a proxy for diesel.
June gasoline futures fell 4.25 cents to $3.354 a gallon, and June natural gas futures rose 10.8 cents to $11.748 per 1,000 cubic feet. The Energy Department said natural gas inventories rose last week by 85 billion cubic feet, in line with analyst estimates.
In London, July Brent crude futures fell 97 cents to $131.73 on the ICE Futures Exchange.
The Associated Press.
