Oil dropped below $100 per barrel after an international energy watchdog expresses "serious concern" about the negative effect of higher prices on the global economy.

Benchmark oil contract fell about 12 percent since setting a two-year high of $113.93 on April 29. The International Energy Agency says oil is still too high and is cutting into household and business incomes. The agency warns that there's "urgent need" for additional supplies to be made available to refineries. Read more »

Oil settled higher on Friday May 13, 2011, pushed up by lingering concerns that refineries in the Southeast may be affected by Mississippi River flooding.

Benchmark crude for June delivery settled at $99.65 per barrel, up 68 cents on the New York Mercantile Exchange. Oil has been volatile this week, ranging from $95 to $104 a barrel.

It gained two and a half percent for the week after losing 15 percent last week. Read more »

Surging oil prices drove the U.S. trade deficit further into the red in March, according to government data released Wednesday May 11, 2011.

The trade balance, which measures the difference between the nation's imports and exports, burgeoned to a $48.2 billion deficit in March from $45.4 billion in February, the Commerce Department said.

Economists were expecting the deficit to grow due to rising commodity prices, but the gap came in even deeper than the $47.7 billion they had expected. Read more »

Oil prices rose above $113 a barrel Thursday April 28, 2011 in Asia to the highest since 2008 as a weakening U.S. dollar made commodities such as crude cheaper for investors with other currencies.

Benchmark crude for June delivery was up 51 cents at $113.27 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. Crude reached $113.70 earlier in the session, the highest since September 2008.

The contract rose 55 cents to settle at $112.76 on Wednesday. Read more »