Oil prices fell on Friday May 18, 2012 in tug-of-war trading, posting a 2012 low and a third straight weekly loss as debt problems in Greece and Spain kept concerns about the euro zone economy in focus.

Crude futures felt pressure from news that European officials were working on contingency plans in case Greece exits the euro zone and from a ratings downgrade of 16 Spanish banks by Moody's Investors Service.

Helping push oil lower early was data showing Chinese home prices in April fell for a second month in a row from year-ago levels. Read more »

Oil prices fell further on Wednesday May 9, 2012 in line with shares amid tensions over the eurozone's political and economic problems, although bargain-hunting provided support, analysts said.

Crude futures also faced downside pressure following indications by the world's key oil producers that they may boost output to bring prices down to sustainable levels.

New York's main contract, West Texas Intermediate (WTI) crude for delivery in June, dropped 51 cents to $96.50 a barrel, two days after hitting a near-five month low at $95.34. Read more »

Oil prices rose Tuesday, May 1, 2012 after growth in the U.S. and Chinese manufacturing sectors signaled more demand for energy products.

The improvement for the world's two largest economies offered some relief from persistent worries about the slowdown in Europe.

Benchmark crude rose $1.29 to finish at $106.16 per barrel in New York. That's the highest settlement price since it hit $106 on March 28. Brent crude increased 19 cents to $119.66 per barrel in London. Read more »

Oil prices dropped Wednesday April 17, 2012 after the government said U.S. supplies grew more than expected last week.

Benchmark West Texas Intermediate crude fell $1.42 to $102.78 per barrel in New York, while Brent crude lost $1.88 to $116.90 per barrel in London.

The Energy Information Administration reported that U.S. crude oil supplies grew by 3.9 million barrels last week. Analysts expected an increase of 400,000 barrels. The government's weekly report also said that U.S. oil demand dropped 2.7 percent, gasoline demand fell 2.8 percent, compared with a year ago. Read more »