oil price May 7, 2011

A one-day crash in crude oil prices was followed Friday by a brief rally, then renewed selling, which kept futures prices for light, sweet crude below $100 a barrel on the New York Mercantile Exchange.. A House Republican said Friday that yesterday's sharp drop in oil prices, which fell below $100 per barrel, stemmed from House passage of legislation to speed up Gulf of Mexico oil-and-gas leasing and require leasing. But Thursday's drop differs from a few of the other biggest one-day oil price falls of the past, which came in conjunction with more clearly momentous economic or geopolitical events. Oil fell in a series of sharp dives on Thursday, dropping by a. The commodities sell-off continued on Friday with oil down as much as $5 at one stage on fears of slowdown in global growth. Brent crude in London continue its sharp decline on Friday. \"The big drop yesterday has scared the bulls, so now only bears are. Crude oil surged the most in two weeks on the jobs report, with oil for June delivery gaining $2.32, or 2.3 percent, to $102.12 a barrel at 10:46 am on the New York Mercantile Exchange. The national average unleaded gasoline price fell to $3.984 per. The oil rally may have some life in it yet, even after erasing seven weeks of gains in a single session. Oil prices dropped below $100 a barrel for the first time since mid-March on Thursday, in an 8.6% swoon brought on. ABOARD AIR FORCE ONE May 6 (Reuters) - The Obama administration wants to make sure consumers get the benefit at the gas pump from the recent drop in oil prices, White House spokesman Jay Carney said on Friday. Attorney General Eric Holder's task force. A sharp rise in the dollar helped ignite the sell-off, sparking the steepest oil-price decline in more than two years. Oil fell 8.6% to $99.80 a barrel, the lowest closing price since mid-March. Copper, another closely watched economic barometer,. \"This is why I would revisit the issue in defining those three critical questions answering those questions before I as president made a decision.\" \"Oil price drop\" is a hot Web search as oil prices continued to slide on Friday, dipping below $100 a. NEW YORK, May 6 (UPI) -- The nearly weeklong slump in crude oil prices may mean less pain at the gas pump for US consumers, analysts say. Analysts say they're unsure whether the sell-off is more than an aberration that could reverse the 44 days of.