Murphy Oil (MUR) (CLF) (ARLP) (BA) (COP) (CP) (EXC) Price Targets Changed

Murphy Oil Corp (NYSE: MUR), Cliffs Natural Resources Inc (NYSE: CLF), Alliance Resource (NASDAQ: ARLP), The Boeing Company (NYSE: BA), ConocoPhillips (NYSE: COP), Canadian Pacific Railway Limited (NYSE: CP) and Exelon Co. (NYSE: EXC) had price targets on them adjusted.

Murphy Oil Corp. (MUR) had its price target lowered by UBS AG (NYSE:UBS) from $72.00 to $68.00. They have a “Neutral” rating on the company.

Alliance Resource (ARLP) had its price target raised by Deutsche Bank (NYSE:DB) from $75.00 to $80.00. They have a “Hold” rating on the company.

The Boeing Company (BA) had its price target raised by Goldman Sachs (NYSE:GS) to $96.00. They have a “Buy” rating on the company.

Cliffs Natural Resources Inc. (CLF) had its price target slashed by UBS AG to $122.00. They have a “buy” rating on the company.

ConocoPhillips (COP) had its price target lowered by UBS AG from $80.00 to $77.00. They have a “Neutral” rating on the company.

Canadian Pacific Railway Limited (CP) had its price target raised by Barclays Capital from $70.00 to $73.00. They have an “Underweight” rating on the company.

Exelon Co. (EXC) had its price target raised by Jefferies (NYSE:JEF) to $49.50.

Conoco (COP) (EXTR) (FLIR) (HK) (IDRA) Price Targets Changed

ConocoPhillips (NYSE: COP), Extreme Networks Incorporated (NASDAQ: EXTR), FLIR Systems, Inc. (NASDAQ: FLIR), Petrohawk Energy (NYSE: HK) and Idera Pharmaceuticals, Inc. (NASDAQ: IDRA) price targets adjusted.

ConocoPhillips (COP) had its price target raised by Oppenheimer from $82.00 to $90.00. They have an “outperform” rating on the company.

Extreme Networks Incorporated (EXTR) had its price target raised by Wedbush to $3.50.

FLIR Systems, Inc. (FLIR) had its price target lowered by JPMorgan Chase & Co. (NYSE: JPM) to $37.50.

Petrohawk Energy (HK) had its price target raised by RBC Capital from $36.00 to $39.00. They have an “outperform” rating on the company.

Idera Pharmaceuticals, Inc. (IDRA) had its price target lowered by Rodman & Renshaw from $6.00 to $4.00. They have an “outperform” rating on the company.

Conoco (COP) (CY) (DMND) (ENSG) (FLIR) Downgraded

ConocoPhillips (NYSE: COP), Cypress Semi (NYSE: CY), Diamond Foods (NASDAQ: DMND), Ensign Group Inc (NASDAQ: ENSG) and FLIR Systems, Inc. (NASDAQ: FLIR) were downgraded by analysts.

ConocoPhillips (COP) was downgraded by Howard Weil from an “outperform” rating to a “market perform” rating.

Cypress Semi (CY) was downgraded by Capstone from a “buy” rating to a “hold” rating.

Diamond Foods (DMND) was downgraded by Deutsche Bank (NYSE:DB) from a “buy” rating to a “hold” rating.

Ensign Group Inc (ENSG) was downgraded by JMP Securities from an “outperform” rating to a “market perform” rating.

FLIR Systems, Inc. (FLIR) was downgraded by Morgan Keegan from an “outperform” rating to a “market perform” rating. They have a price target of $29.00 on the company, down from $38.00.

Petrohawk (HK) (COP) (MOS) (XCO) (NVE) Ratings Reiterated

Petrohawk Energy (NYSE: HK), ConocoPhillips (NYSE: COP), The Mosaic Company (NYSE: MOS), EXCO Resources, Inc. (NYSE: XCO) and NV Energy (NYSE: NVE) had ratings reiterated by analysts.

JPMorgan Chase & Co. (NYSE:JPM) maintains an "Overweight" rating on ConocoPhillips (COP). They have a price target of $91.00 on the company.

Citigroup (NYSE:C) reiterated a "Hold" rating on Petrohawk Energy (HK).

JPMorgan Chase & Co. reiterated an "Overweight" rating on The Mosaic Company (MOS).

Wunderlich maintains a "Buy" rating on NV Energy (NVE). They have a price target of $17.00 on the company.

Scotia Capital reiterated a "Sector Perform" rating on EXCO Resources (XCO).

Petrohawk Energy closed Friday at $38.17, gaining $14.68, or 62.49 percent. ConocoPhillips closed at $76.42, rising $0.81, or 1.07 percent. The Mosaic Company ended the day at $66.75, up $0.67, or 1.01 percent. EXCO Resources closed at $16.42, climbing $1.26, or 8.31 percent. NV Energy closed at $15.22, jumping $0.06, or 0.40 percent.

ConocoPhillips (COP) Splitting into Two Public Companies

ConocoPhillips (NYSE:COP) announced it will be splitting itself into two publicly traded companies, which will result in the creation of the worlds largest independent refiner, according to Oppenheimer & Co. analyst Fadel Gheit.

At the end of the transaction, Conoco CEO and Chairman Jim Mulva reportedly will retire.

Mulva said in a statement, "We have concluded that two independent companies focused on their respective industries will be better positioned to pursue their individually focused business strategies."

The company will spin off its refining and marketing segment in a tax-free deal while Conoco remains an exploration and production business.

Production at Conoco refineries for the first three months of 2011 was 2.3 million barrels a day.

Expectations are the refining business will attract a new class of investor which don't mind the volatility connected with the refining segment.

The refining industry is more susceptible to margin pressures when the price of oil goes up, as it finds it more difficult to pass higher costs to customers.

Conoco had resisted spinning off their refining business, but some analysts believe seeing the share price of Marathon (NYSE:MRO) soaring after they spun off their refining business probably was the catalyst pushing them to make the decision.

The spin off is expected to be completed during the first half of 2012.

CEO Jim Mulva will reportedly retire once the transaction is completed.

Shares of Conoco jumped on the news, trading at $78.56, gaining $4.16, or 5.59 percent, as of 10:12 AM EDT.

Exxon (XOM) (COP) (CVX) (BP) Rising on Lower Gas Inventory

Shares of oil companies Exxon Mobil (NYSE:XOM), ConocoPhillips (NYSE:COP), Chevron (NYSE:CVX) and BP (NYSE:BP) were trading up today after a report from the Energy Information Administration saying gas inventory was up less than expected and oil inventory was flat.

Light, sweet crude West Texas Intermediate oil for June delivery is up $3.61 to $100.52 a barrel on the Nymex.

Brent crude July contracts rose $2.74 to $112.73 a barrel.

This could be an indicator that refinery demand may possibly be on the rebound.

MF Global wrote in a note to clients, “We think oil prices will continue to erode and we still think $90 is a reasonable short-term target on WTI, although short-term, we are getting a tad oversold and may be in for a bounce here.”

Chevron was trading at $102.96, gaining $2.55, or 2.54 percent, as of 2:19 PM EDT. BP was at $43.16, up $0.36, or 0.84 percent. ConocoPhillips (COP) was trading at $73.03, jumping $1.49, or 2.08 percent. Exxon Mobil (XOM) was at $81.76, rising $1.35, or 1.68 percent.

Shares of BP (BP) (COP) (XOM) (RDS-A) (DVN) Close Up

Dropping fuel prices prices didn't stop shares of BP (NYSE:BP), ConocoPhillips (NYSE:COP), ExxonMobil (NYSE:XOM), Royal Dutch Shell (NYSE:RDS-A) and Devon Energy from all closing up on Tuesday.

Benchmark crude for June delivery dropped 47 cents to settle at $96.91 a barrel on the New York Mercantile Exchange. It fell as low as $95.02 during the trading session.

Natural gas was down 3 percent, falling 13.3 cents to $4.246 per 1,000 cubic feet.

In Nymex trading in June contracts, heating oil fell 2.93 cents to settle at $2.8451 per gallon, gasoline futures were down 1.18 cents to settle at $2.9193 a gallon and natural gas declined 13.3 cents to settle at $4.246 per 1,000 cubic feet.

In London, Brent crude for June delivery was lower by 85 cents to settle at $109.99 on the ICE Futures exchange.

Exxon closed Tuesday at $80.41, gaining $0.17, or 0.21 percent.

ConocoPhillips (COP) Trading Down While Oil Prices Rebound

ConocoPhillips (NYSE:COP) is trading down even as oil prices rebounded today.

In the U.S., June crude climbed $1.07 at $99.28, having jumped from a session low of $95.25 hit earlier in the session.

In London, Brent crude for June delivery rose $1.26 at $113.83 a barrel by 1:35 p.m. EDT, rising after slumping to a session low of $110.15.

According to the International Energy Agency, the demand for oil this year will drop to 1.29 million barrels a day against prior estimates of 1.43 mllion barrels a day.

The U.S. dollar fell 0.29 percent against a basket of six currencies as the euro strengthened after hints from European Central Bank policy maker Lee Coene that the interest rate boost in April won't be the last one.

ConocoPhillips (COP) was trading at $71.47, down $1.01, or 1.45 percent, as of 2:42 PM EDT.

Conoco (COP) Remains Level as Oil Continues to Plunge in Price

The falling price of oil didn't have an impact the share price of the oil giant ConocoPhillips (NYSE:COP) Monday, as crude futures continue to move downward in May. The company has traded level since the shares got hit hard last Wednesday.

U.S. crude futures were down 2.3 percent and gasoline futures dropped 5 percent to hit a nine-week low as worries mounted about high prices squelching energy demand and the fragile economy weigh on the industry.

Crude futures have fallen close to 15 percent so far on the month.

Oil futures were down 2.3 percent to $97.37 a barrel in New York. June Brent fell to $112.87, down 1 percent for Monday.

Gasoline futures for June delivery declined 14 cents, or 5.01 percent, to end the session at $2.93 a gallon, the lowest close since March 16.

U.S. gasoline at the retail level fell to $3.955 Monday from $3.961 Sunday. Diesel prices dropped $4.123 from $4.127.

June natural gas closed up 7 cents, or 1.7 percent, at $4.32 per million British thermal units. Natural gas prices were up on concerns flooding in Louisiana may cut back on supply.

Heating oil futures were down Monday, with the June heating oil contract closing at $2.87 a gallon, down 7 cents, or 2.3 percent.

ConocoPhillips operates as an integrated energy company around the world.

Conoco (COP) closed Monday at $71.43, closing the same as on Friday.

Shares of (ECA) (PQ) (EPD) (FTK) (COP) Trade Up as Oil Closed Down 15% Last Week

Companies exposed to oil and the industry traded mixed to end the week, as oil prices plummeted 15 percent last week, taking Encana Corp. (NYSE:ECA), PetroQuest Energy (NYSE:PQ), Enterprise Products Partners (NYSE:EPD), Flotek Industries, Inc. (NYSE:FTK) and ConocoPhillips (NYSE:COP), and others, down with it, although those listed here all closed in positive territory Friday.

Light, sweet crude oil for June delivery on the New York Mercantile Exchange dropped $2.62 to settle at $97.18 a barrel, matching the eight-week low of March 15. The U.S. Oil Fund (USO) closed down 1.1 percent on Friday.

For the week, the June oil futures contract fell 14.7 percent to $113.93.

Light, sweet crude for June delivery fell $2.62, or 2.6%, to close at $97.18 a barrel on the New York Mercantile Exchange.

In London, Brent crude finished the day off $1.67 at $109.13 per barrel on the ICE Futures exchange.

Republicans went on the offensive against higher oil and gas prices by passing a bill to hasten the leasing process dragging on in the Gulf of Mexico as the Obama administration drag their feet on taking action. The bill would also require leasing to be allowed off the coast of Virginia.

According to Rep. Michael Burgess (R-Texas), the bill helped push down the price of oil as it sent a message to the market they're serious about the future supply.

All Obama has done so far has obsessed on the fantasy of green, clean or so-called alternative energy; a dubious matter at best, and at worst, ignoring what they country needs now and is available to it.

In other Nymex trading for June contracts, heating oil fell 4.12 cents to $2.8457 a U.S. gallon and gasoline futures were down 0.53 cents to $3.0901 a U.S. gallon. Natural gas fell 3.4 cents to $4.297 per 1,000 cubic feet.

Flotek Industries, Inc. (FTK) closed Friday at $8.66, gaining $0.39, or 4.72 percent.

ConocoPhillips (COP) (VLO) (HNR) (ROSE) (DRQ) Pressured as Oil Tumbles

Shares of oil and oil-related companies ConocoPhillips (NYSE:COP), Valero Energy (NYSE:VLO), Harvest Natural Resources (NYSE:HNR), Rosetta Resources (NASDAQ:ROSE) and Dril-Quip, Inc. (NYSE:DRQ) were pressured Thursday as crude for June delivery dropped below the $100 a barrel mark.

Crude oil for June delivery was down $9.44, or 8.6 percent, to $99.80 a barrel on the New York Mercantile Exchange. The price has fallen 12 percent so far this week, declining every day of the week. Crude has soared 25 percent over the last year.

Gasoline for May delivery was down 22.71 cents, or 6.8 percent, to $3.0954 a gallon on the Nymex, the lowest settlement in five weeks. Gasoline has jumped 39 percent in a year.

Averaged across the nation, regular gasoline at the pump increased 0.3 cent to $3.985 a gallon on Wednesday, according to the website of AAA. That's highest price of gasoline since July 24, 2008.

Heating oil for May delivery was down 25.61 cents, or 8.1 percent, to $2.8869 a gallon on the Nymex. Heating oil has climbed 32 percent over the last year.

The New York Mercantile Exchange reported that oil futures settled at $99.80, down $9.44 or 8.6 percent on Thursday.

Government figures show gasoline demand in America has dropped about 2 percent over the last month, which added to rises in inventory, should push gasoline prices down again.

Conoco (COP) closed Thursday at $71.97, dropping $1.68, or 2.28 percent.

ConocoPhillips (COP) (ROSE) (BPL) (FTI) (FTK) Trade Down on Slowing Oil Demand

Oil companies and other industry-related companies Rosetta Resources (NASDAQ:ROSE), Buckeye Partners L.P. (NYSE:BPL), FMC Technologies, Inc. (NYSE:FTI), Flotek Industries, Inc. (NYSE:FTK) and ConocoPhillips (NYSE:COP) all closed down Wednesday as oil prices took a breather.

Oil prices dropped after a government report showed that inventories are growing as demand softens in the U.S. Benchmark crude for June delivery was down $1.81 to settle at $109.24 a barrel on the New York Mercantile Exchange.

In other NYMEX trading for June contracts, heating oil fell 4.78 cents to settle at $3.143 a gallon, gasoline futures lost 0.69 cent to $3.3225 a gallon and natural gas was lower by 9.4 cents to $4.644 per 1,000 cubic feet.

The U.S. dollar index shrunk 0.15 percent to $73.01, down from Tuesday's 73.127 close. The dollar index has fallen 7.5 percent so far in 2011.

Flotek Industries, Inc. (FTK) closed Wednesday at $8.84, falling $0.17, or 1.89 percent.

Pain Hits (DRQ) (END) (ECA) (HES) (COP) as Oil Demand Falls

Weakening demand for fuel has pushed down oil inventories and the price of oil, putting pressure on Dril-Quip, Inc. (NYSE:DRQ), Endeavour International (NYSE:END), Encana Corp. (NYSE:ECA), Hess Corporation (NYSE:HES) and ConocoPhillips (NYSE:COP).

Light, sweet crude for June delivery settled down $2.47, or 2.2%, at $111.05 a barrel on the New York Mercantile Exchange. London Brent crude for June fell $2.67 to settle at $122.45 a barrel.

Front-month June reformulated gasoline blendstock, or RBOB, settled down $1.85 cents, or 0.6%, at $3.3294 a gallon. June heating oil lost 6.13 cents, or 1.9%, to settle at $3.1908 a gallon.

Gasoline prices on average across America have jumped to just under $4.00 a gallon, rising to $3.97 a gallon for regular gas, according to AAA.

Silver is considered the key catalyst for downward pressure on oil prices and trading, as it has become a proxy to some for risk appetite among commodity traders.

After selling out of silver commodity traders followed up with divesting of positions in oil as well.

Even so, it appears the slight strengthening of the U.S dollar played a bit role Tuesday as well.

Hess Corporation (HES) closed at $79.83, falling $3.73, or 4.46 percent.

Marathon Oil (MRO) Falls Even With Earnings Beat, Solid Quarter

The fall in oil prices today pushed the share price of Marathon Oil (NYSE:MRO) down even after a big earnings beat for the last quarter.

Net income for Marathon climbed to $996 million, or $1.39 a share, over double the $457 million, or 64 cents a share in the same quarter last year. Revenue soared to $21.07 billion.

The energy giant reported adjusted net income of of $1.65 a share. Analysts on average had been looking for $1.44 a share.

Marathon’s president and CEO Clarence P. Cazalot Jr. said, “Marathon delivered another quarter of strong operations across all segments, positioning the Company to capture higher commodity prices and margins and achieve solid financial results. These results further highlight the strength of our Upstream and Downstream businesses as we continue to progress toward an expected effective date of June 30 for the spin-off of Marathon Petroleum Corporation, creating two independent, highly focused energy companies.”

Over the last five quarters Marathon has grown revenue by double-digits, averaging 35.8 percent.

Key competitors of Marathon include Exxon (NYSE:XOM), Chevron Corporation (NYSE:CVX), ConocoPhillips (NYSE:COP), BP plc (NYSE:BP), TOTAL S.A. (NYSE:TOT), Hess Corp. (NYSE:HES), and Murphy Oil Corporation (NYSE:MUR)

Marathon was trading at $52.25, falling $1.16, or 2.17 percent, as of 2:16 PM EDT.

Tesoro (TSO) (BHI) (ECA) (CAM) (COP) Trade Mixed on Volatile Energy Day

On a volatile day for oil prices, shares of Baker Hughes Incorporated (NYSE:BHI), Encana Corp. (NYSE:ECA), Tesoro Corporation (NYSE:TSO), Cameron International (NYSE:CAM) and ConocoPhillips (NYSE:COP) closed mixed on the uncertainty following the death of Osama bin Laden.

Crude futures settled lower Monday after the death of Osama bin Laden stirred up oil markets, as traders attempted to measure the impact of the event on the stability in the Middle East.

Light, sweet crude for June delivery settled 41 cents, or 0.4%, lower at $113.52 a barrel on the New York Mercantile Exchange, in a volatile session that saw both two-and-a-half year highs near $115 a barrel and a decline to $110.82 a barrel.

Brent crude on the ICE futures exchange closed 77 cents lower at $125.12 a barrel.

Front-month June reformulated gasoline blendstock, or RBOB, settled 5.05 cents, or 1.5 percent down at $3.3479 a gallon. June heating oil settled 2.37 cents, or 0.7 percent lower at $3.2521 a gallon.

Encana Corp. closed Monday at $33.72, gaining $0.19, or 0.57 percent.

Dividend Yields for (SE) (COP) (CVX) (WMB) (XOM)

Indicated dividend yields for Standard & Poor's 500 Index companies Spectra Energy Corp (SE), ConocoPhillips (COP), Chevron Corp (CVX), Williams Cos Inc (WMB) and Exxon Mobil Corp (XOM).

These dividend data indicate dividend yields of companies in the Standard & Poor's 500 Index as of Saturday, April 30. The yield is determined by taking the latest declared dividend, annualized and divided by the price of the stock. Payout ratios are calculated based on latest quarterly dividend paid divided by earnings.

Spectra Energy Corp (SE) has a dividend yield of 3.58 percent on a declared dividend of $0.26. The payout ratio is 48.9 percent.

ConocoPhillips (COP) has a dividend yield of 3.35 percent on a declared dividend of $0.66. The payout ratio is 31.2 percent.

Chevron Corp (CVX) has a dividend yield of 2.85 percent on a declared dividend of $0.78. The payout ratio is 23.1 percent.

Williams Cos (WMB) has a dividend yield of 2.41 percent on a declared dividend of $0.20. The payout ratio is 42.4 percent.

Exxon Mobil Corp (XOM) has a dividend yield of 2.14 percent on a declared dividend of $0.47. The payout ratio is 20.5 percent.

Callon (CPE) (PETD) (ROSE) (BHI) (COP) Trade Mixed on Gas, Oil Price Jumps

Callon Petroleum (NYSE:CPE), PDC Energy (NASDAQ:PETD), Rosetta Resources (NASDAQ:ROSE), Baker Hughes Incorporated (NYSE:BHI) and ConocoPhillips (NYSE:COP) close mixed Friday as oil and gasoline prices jump again.

Nymex light, sweet crude oil for June delivery rose $1.07 a barrel, to $113.93 a barrel. That's the highest close in two-a-half-years.

On Nymex, reformulated gasoline blendstock futures for May delivery expired at $3.4648 a gallon, up 3.5 cents Friday. That is the highest level since July 14, 2008. Prices have soared 23.17 cents, or 7.2 percent, over the past week.

AAA Daily Fuel Gauge Report said the nationwide average price of regular gasoline was $3.909 a gallon Friday, up 6.1 cents from last week.

May heating oil expired at $3.2558 a gallon, up 2.42 cents, and the highest since April 8.

Tightening inventory and higher gasoline prices continue to push oil prices up. Another major factor, as it is with most commodities, is the ongoing collapse of the U.S. dollar. That will continue based on Federal Reserve chairman Ben Bernanke's comments he's not going to raise interest rates.

ConocoPhillips closed Friday at $78.89, up $1.44, or 1.86 percent.

Analyst Downgrades for (ACLS) (AOB) (BK) (COP) (CVS)

Analysts downgraded Axcelis Technologies Inc (NASDAQ: ACLS), American Oriental (NYSE: AOB), Bank of New York Mellon (NYSE: BK), ConocoPhillips (NYSE: COP) and CVS Caremark (NYSE: CVS) today.

Craig Hallum downgraded Axcelis Technologies Inc (ACLS) from a “buy” rating to an “accumulate” rating.

Oppenheimer downgraded American Oriental (AOB) from an “outperform” rating to a “perform” rating.

Morgan Stanley (NYSE:MS) downgraded Bank of New York Mellon (BK) to an “equal weight” rating.

Deutsche Bank (NYSE:DB) downgraded ConocoPhillips (COP) from a “buy” rating to a “hold” rating. They have a price target of $85 on the company, down from $90.

Standpoint Research downgraded CVS Caremark (CVS) from a “buy” rating to a “hold” rating. They cited valuation as the catalyst.

Callon (CPE) (CHK) (PBR) (COP) Close Up as Oil Settles at $112.21

Callon Petroleum (NYSE:CPE), Chesapeake Energy Corp. (NYSE:CHK), Petrobras (NYSE:PBR) and ConocoPhillips (NYSE:COP) closed up as oil for June delivery fell below the $112.21 it settled at, as the American Petroleum Institute reported at 4:30 PM EDT that U.S. crude-oil stockpiles soared 4.91 million barrels to 361 million.

Oil for June delivery settled at $112.21 a barrel on the New York Mercantile Exchange. Oil has risen 33 percent in the past year.

Prices dropped from the settlement after the American Petroleum Institute reported at 4:30 p.m. that U.S. crude-oil stockpiles soared 4.91 million barrels to 361 million. June oil was down 49 cents, or 0.4 percent, to $111.79 a barrel in electronic trading at 4:32 PM EDT.

Brent crude for June settlement on the London-based ICE Futures Europe exchange jumped 48 cents, or 0.4 percent, to $124.14 a barrel.

The dollar fell for a sixth day against the euro, equaling the longest losing streak since May 2009. Expectations are the Federal Reserve will continue to keep measures in to allegedly support the U.S. economy.

Gasoline rose more than 53 cents a gallon from January to March as unrest in Libya threatened its oil fields and helped push oil from $91 to $107 a barrel. The national average for gasoline is closing in on $3.90 a gallon. Diesel is at about $4.14.

Oil averaged $94.64 a barrel between January and March, compared with $78.89 in the same period last year.

Natural gas prices remain low compared with three years ago. It's currently trading at $4.38 per 1,000 cubic feet. In April 2008, natural gas contracts garnered over twice that.

Vaalco (EGY) (SLB) (MRO) (COP) Close Mixed as Oil Prices Pull Back

Oil prices will probably keep climbing toward the highs of 2008 as growing demand isn't matched by additional supplies and the price jump has been slow to cut into consumption, as Schlumberger (NYSE:SLB), Vaalco Energy (NYSE:EGY), Marathon Oil (NYSE:MRO) and ConocoPhillips(NYSE:COP) closed mixed Monday, April 25.

The front-month Brent crude-oil futures contract, the London benchmark, pulled back from a 2½-year high of $127 a barrel on April 11, amid concerns that soaring prices are hurting demand. It settled at $123.66 a barrel on Monday, up 5.4 percent so far in April. The front-month June contract on the New York Mercantile Exchange pulled back one cent to $112.28, still up 5.2 percent this month and 23 percent in 2011.

Benchmark crude for June delivery dropped a penny to settle at $112.28 a barrel on the New York Mercantile Exchange. In London, Brent crude fell 33 cents to settle at $123.66 a barrel on the ICE Futures exchange.

In other Nymex trading, heating oil was down 1.73 cents to settle at $3.1989 a gallon and gasoline futures increased a little less than a penny to settle at $3.2785 a gallon. Natural gas dropped 2.3 cents to $4.389 per 1,000 cubic feet.