Oil settled slightly higher Wednesday April 27, 2011 after Fed chairman Ben Bernanke said the nation's economy will continue to recover. Here's how energy contracts traded.

On the New York Mercantile Exchange:

Crude rose 55 cents to settle at $112.76 per barrel.

Gasoline gained 5.10 cents to settle at $3.2481 a gallon.

Heating oil gave up 2.08 cents to settle at $3.2481 a gallon.

Natural gas fell 1 cent to settle at $4.377 per 1,000 cubic feet.

On the ICE Futures exchange: Read more »

Scientists say it is taking far too long to dole out millions of dollars in BP funds for badly needed Gulf oil spill research, and it could be too late to assess the crude's impact on pelicans, shrimp and other species by the time studies begin.

The spring nesting and spawning season is a crucial time to get out and sample the reproduction rates, behavior and abundance of species, all factors that could be altered by last year's massive spill.

Yet no money has been made available for this year, and it could take months to determine which projects will be funded. Read more »

Oil is climbing above $110 per barrel as the dollar weakened and the government reported an unexpected drop in U.S. crude supplies.

Benchmark West Texas Intermediate oil for June delivery gained $1.89 at $110.16 per barrel on the New York Mercantile Exchange. Meanwhile, retail gasoline prices increased slightly to $3.84 per gallon.

Oil rose early in the day as the dollar dropped relative to other major currencies and made crude cheaper for investors holding foreign currency. Read more »

US oil and gas drilling in this year’s first quarter climbed 29% from a year earlier but remained below the first-quarter 2009 level, the American Petroleum Institute said in its latest quarterly well completion report.

An estimated 10,431 oil wells, natural gas wells, and dry holes were completed in the first quarter of this year, down almost 8% from first-quarter 2009, API said. Read more »