Gold price hit its highest level in over a year on Friday

The Gold price hit its highest level in over a year on Friday

Report put dollar under pressure while raising questions about future interest rate hikes.

Fed will meet on September 19 to decide whether or not to raise interest rates again this year. It would surprise the market if the decision was to go ahead with another rate boost.

Overall, higher interest rates increase the opportunity cost of holding non-yielding bullion.

Another issue is how President Trump will remake the board.

Demand for safe-haven assets have been climbing in response to tensions between North Korea and the U.S. That has also been a factor in the price of gold jumping.

A number of investors see gold continuing to rise over the next several months.

Similarly, Phil Streible, senior market strategist at Chicago-based RJO Futures, told CNBC that gold will likely rise to $1,400 per ounce.

Looking over to silver, the white metal touched a four-and-a-half-month high this week, trading above $18 per ounce.

Palladium was up 0.6 percent on Friday, trading at $961 per ounce, while platinum was up 0.3 percent, at $1,018 per ounce. Market participants are now wondering if prices will break $7,000 per ton.

Lastly, spot oil edged lower on Friday as domestic refineries saw a slow recovery from flooding after Hurricane Harvey.

Fed Appears Ready to Stimulate

Although it could go either way, it's increasingly likely the Federal Reserve and Ben Bernanke are could act sooner rather than later in attempts to stimulate the economy with another round of quantitative easing.

The market responded to the news by jumping in the morning, pulling back as the day went on. The DJIA closed the day at 12,657.05, jumping 58.73, or 0.47 percent.

The NASDAQ didn't get much help, as Apple (AAPL) and Radio Shack (RSH) took big hits on disappointing earnings. It closed at 2,854.24, losing 8.57, or 0.31 percent.

For the S&P 500, it closed slightly down at $1,337.89, falling 0.42, or 0.03 percent.

Not unexpectedly, commodities jumped on the rising expectations of a sooner than expected stimulus, with gold, silver, copper and oil all settling up on the day.

Gold closed at $1,603, up $27.30, or 1.73 percent. Silver climbed to finish at $27.285, jumping $0.47, or 1.77 percent. Copper ended the session at $3.385, inching up $0.03, or 0.95 percent. Oil closed at $90.669998, up $0.61, or 0.68 percent.

The growing weakness of the U.S., European and Chinese economies has put pressure on the Fed to attempt to get the U.S. economy growing again, as the pace it's currently at isn't considered enough to strengthen it enough to grow on its own.

There is no longer a question of if the Fed will move, if some still believed that was the case (many oddly enough still do), but rather of how quickly to move and with what mechanism.

It's most likely it'll acquire mortgage-backed securities, but that's not a surety. Now that the economy is continuing to sputter, the Fed will probably attempt to make a statement by whatever means is uses to try to support the economy in a way that will inspire confidence. Anything too small would possibly be ignored or more detrimental than not doing anything at all.

For some time it was believed the Fed would wait until September before announcing any stimulus, but that is increasingly unlikely as each day goes by and pressure mounts for something to be done in light of its next meeting starting on July 31.

Now that the assumption the Fed will moved shored up the markets after three straight days of triple-digit losses, it's even more likely we'll see some action taken very quickly.

What is challenging for the Fed, and increasing the pressure on the institution is, do they wait until September and risk being perceived as weak and behind the times if the economy continues to tank, or do they wait for a couple of months to see which direction the economy goes.

I think the failure risk is too great for the Fed to wait. But we'll find out in a few days either way. My guess is they'll announce another round of stimulation next week.

BP (BP) Shares Drop on Falling Oil Prices

BP (NYSE:BP) starting moving down last Wednesday in response to plunging oil prices, as oil inventories went up as consumer demand went down because of higher gas prices.

On the New York Mercantile Exchange, crude for June delivery on Friday settled at $99.65 a barrel, up 68 cents, or 0.69 percent, after trading in a range of $97.09 to $100.70.

For the week, front-month crude climbed $2.47, or 2.5 percent.

ICE Brent for June delivery settled at $113.83 a barrel, up 85 cents, or 0.75 percent, after trading in a range of $111.72 to $114.92. The Brent crude contract for July delivery was at 66 cents, or 0.6 percent higher on Friday, at $112.99. Last week, Brent crude jumped $4.70, or 4.3 percent.

The U.S. dollar index was up 0.8 percent higher at $75.72 as the euro was down 1 percent against the dollar at $1.411. On Friday, European officials said that Greece, Ireland and Portugal's sovereign debt problems may be worse than previously believed.

NYMEX June gasoline settled at $3.0744 a gallon, up 1.05 cents, or 0.34 percent, after trading in a range of $3.0342 to $3.1388.

For the week, front-month RBOB fell 1.57 cents, or 0.5 percent.

NYMEX June heating oil closed at $2.9422 a gallon, rising 2.85 cents, or 1 percent.

Front-month heating oil for last week was up 9.65 cents.

BP closed Friday at $42.93, down $0.65, or 1.49 percent.

Marathon (MRO) (DVN) (SHI) (HK) (OAS) Trade Down on Slowing Oil Demand

Oil companies and other industry-related companies Devon Energy (NYSE:DVN), SINOPEC Shangai Petrochemical (NYSE:SHI), Petrohawk Energy Corp. (NYSE:HK), Oasis Petroleum (NYSE:OAS) and Marathon Oil (NYSE:MRO) 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.

Petrohawk Energy Corp. (HK) closed Wednesday at $24.04, falling $1.17, or 4.64 percent.

Vaalco (EGY) (SLB) (MRO) (COP) Close Down 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 Range Resources (NYSE:RRC), Exco Resources Inc. (NYSE:XCO), Cameron International (NYSE:CAM) and Exxon Mobil (NYSE:XOM) closed down 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.

Petrohawk (HK) (CXPO) (PETD) Close Mixed as Oil, Gas Continue to Rise

Crimson Exploration (Nasdaq:CXPO), PDC Energy (Nasdaq:PETD) and Petrohawk Energy (NYSE:HK) closed mixed Thursday as oil and gas prices continue to move up.

Crude oil prices climbed above $112 a barrel on the New York Mercantile Exchange Friday while the U.S. dollar was up after three days of faltering.

The dollar index jumped 0.14 percent to 74.10, making up a little lost ground.

May delivery crude oil rose 80 cents in New York to $112.25 a barrel. Home heating oil fell 1.85 cents to $3.2174 a gallon. Reformulated blendstock gasoline was up 2.93 cents to $3.2777 a gallon.

Henry Hub natural gas prices gained 11.3 cents to $4.423 per million British thermal units.

According to the AAA, the national average price of unleaded gasoline rose to $3.848 a gallon Friday from Thursday's $3.84.

Petrohawk Energy closed Thursday at $27.19, gaining $0.28, or 1.04 percent. PDC Energy ended the day at $40.28, down $0.41, or 1.01 percent. Crimson Exploration closed at $3.86, down $0.05, or 1.28 percent.

BP (BP) (HNR) (RRC) (WTI) Close Up as Oil, Gas Continue to Rise

Harvest Natural Resources (NYSE:HNR), Range Resources (NYSE:RRC), W&T Offshore (NYSE:WTI) and BP (NYSE:BP) closed up Thursday as oil and gas prices continue to move up.

Crude oil prices climbed above $112 a barrel on the New York Mercantile Exchange Friday while the U.S. dollar was up after three days of faltering.

The dollar index jumped 0.14 percent to 74.10, making up a little lost ground.

May delivery crude oil rose 80 cents in New York to $112.25 a barrel. Home heating oil fell 1.85 cents to $3.2174 a gallon. Reformulated blendstock gasoline was up 2.93 cents to $3.2777 a gallon.

Henry Hub natural gas prices gained 11.3 cents to $4.423 per million British thermal units.

According to the AAA, the national average price of unleaded gasoline rose to $3.848 a gallon Friday from Thursday's $3.84.

BP closed Thursday at $46.03, gaining $0.12, or 0.26 percent. W&T Offshore ended the day at $22.76, rising $0.01, or 0.04 percent. Range Resources closed at $54.21, jumping $1.26, or 2.38 percent. Harvest Natural Resources closed the session at $14.53, up $0.04, or 0.28 percent.

Exxon (XOM) (WTI) (RRC) (HNR) Close Up as Oil Prices Explode

Shares of Harvest Natural Resources (NYSE:HNR), Range Resources (NYSE:RRC), W&T Offshore (NYSE:WTI) and Exxon Mobil (NYSE:XOM) closed up on Wednesday as oil prices surged in response to news oil inventories unexpectedly dropped.

Oil prices exploded on Wednesday to roar above the $111 a barrel mark, as the U.S. Energy Information Administration announced oil inventories fell by 2.3 million barrels for the week ending April 15.

On the New York Mercantile Exchange, May delivery for West Texas Intermediate crude rose $3.17 or 2.93 percent to reach $111.45 a barrel.

The weakness of the U.S. dollar helped boost a number of commodities, including oil, as the U.S. dollar index dropped 0.91 on Wednesday.

Home heating oil prices increased 6.29 cents to $3.2214 a gallon. Reformulated blendstock gasoline prices rose 4.42 cents to $3.2773 a gallon.

Henry Hub natural gas prices jumped 4.8 cents to $4.31 per million British thermal units.

The national average price of unleaded gasoline climbed to $3.837 a gallon Wednesday, up from Tuesday's $3.835, according to AAA.

Exxon Mobil closed Wednesday at $85.99, up $1.85, or 2.21 percent. W&T Offshore closed at $22.75, gaining $1.20, or 5.57 percent. Range Resources ended the trading session at $52.95, rising $0.38, or 0.72 percent. Harvest Natural Resources closed at $14.49, jumping $0.34, or 2.40 percent.

Chevron (CVX) (CRZO) (CHK) (COP) Close Up as Oil Prices Explode

Shares of Carrizo Oil & Gas (Nasdaq:CRZO) Chesapeake Energy Corp. (NYSE:CHK) Chevron (NYSE:CVX) ConocoPhillips (NYSE:COP) closed up on Wednesday as oil prices surged in response to news oil inventories unexpectedly dropped.

Oil prices exploded on Wednesday to roar above the $111 a barrel mark, as the U.S. Energy Information Administration announced oil inventories fell by 2.3 million barrels for the week ending April 15.

On the New York Mercantile Exchange, May delivery for West Texas Intermediate crude rose $3.17 or 2.93 percent to reach $111.45 a barrel.

The weakness of the U.S. dollar helped boost a number of commodities, including oil, as the U.S. dollar index dropped 0.91 on Wednesday.

Home heating oil prices increased 6.29 cents to $3.2214 a gallon. Reformulated blendstock gasoline prices rose 4.42 cents to $3.2773 a gallon.

Henry Hub natural gas prices jumped 4.8 cents to $4.31 per million British thermal units.

The national average price of unleaded gasoline climbed to $3.837 a gallon Wednesday, up from Tuesday's $3.835, according to AAA.

ConocoPhillips closed Wednesday at $79.99, up $1.84, or 2.35 percent. Chevron closed at $107.81, gaining $2.41, or 2.29 percent. Petrohawk Chesapeake Energy Corp. ended the trading session at $32.21, rising $0.23, or 0.72 percent. Carrizo Oil & Gas closed at $37.08, jumping $0.82, or 2.26 percent.

Goldcorp (GG) (UXG) (EGO) (AU) Close Up as Gold Breaks Record Again

US Gold (AMEX:UXG), Eldorado Gold (NYSE:EGO), Goldcorp (NYSE:GG) and AngloGold Ashanti (NYSE:AU) closed up on Wednesday as gold continues to break records on a daily basis recently.

Gold prices soared to another intraday record, reaching as high as $1,506.20 an ounce before pulling back to settle for June delivery in at $1,498.90 an ounce, an increase of $3.80 at the Comex division of the New York Mercantile Exchange.

Wednesday was the fourth session in a row gold prices broke an intraday record, as well as settling at a new record as well.

After breaking the $45 level, silver prices ended the day up 54 cents to close at $44.46 an ounce. That was also another 31-year high as it pushes to break $50 and move on to an all-time record.

Gold and silver prices continue to soar on safe-haven buying with the major impetus at this time probably being a collapsing U.S. dollar. The U.S. dollar index was plunging 0.84% to $74.43 as it continues to struggle after Monday's S&P downgrade of the U.S. economy, and warning of a credit downgrade if the U.S. doesn't quit its outrageous spending and reduce its debt.

The downgrade of U.S. debt, sovereign debt crisis in Europe, Chinese inflation, soaring oil prices, and the ongoing fallout from the earthquake in Japan are just some of the other factors offering support to gold.

The gold-silver ratio, which measures how many silver ounces are needed to acquire an ounce of gold, fell under 34 — its lowest level since 1983.

AngloGold Ashanti closed Wednesday at $49.74, gaining $0.72, or 1.47 percent. Goldcorp closed at $54.93, up $0.26, or 0.48 percent. Eldorado Gold Corporation ended the trading session at $18.04, rising $0.07, or 0.39 percent. US Gold closed at $9.58, jumping $0.42, or 4.58 percent.

Hess (HES) (HK) (XCO) (APC) Close Up as Oil Prices Explode

Shares of Hess Corporation (NYSE:HES), Petrohawk Energy Corp. (NYSE:HK), Exco Resources Inc. (NYSE:XCO) and Anadarko (NYSE:APC) closed up on Wednesday as oil prices surged in response to news oil inventories unexpectedly dropped.

Oil prices exploded on Wednesday to roar above the $111 a barrel mark, as the U.S. Energy Information Administration announced oil inventories fell by 2.3 million barrels for the week ending April 15.

On the New York Mercantile Exchange, May delivery for West Texas Intermediate crude rose $3.17 or 2.93 percent to reach $111.45 a barrel.

The weakness of the U.S. dollar helped boost a number of commodities, including oil, as the U.S. dollar index dropped 0.91 on Wednesday.

Home heating oil prices increased 6.29 cents to $3.2214 a gallon. Reformulated blendstock gasoline prices rose 4.42 cents to $3.2773 a gallon.

Henry Hub natural gas prices jumped 4.8 cents to $4.31 per million British thermal units.

The national average price of unleaded gasoline climbed to $3.837 a gallon Wednesday, up from Tuesday's $3.835, according to AAA.

Anadarko closed Wednesday at $80.15, up $1.73, or 1.74 percent. Exco Resources Inc. closed at $20.40, gaining $0.12, or 0.59 percent. Petrohawk Energy Corp. ended the trading session at $26.91, rising $0.29, or 1.09 percent. Hess Corporation closed at $80.55, jumping $1.99, or 2.53 percent.

BP (BP) (PBR) (BEXP) (SLB) Close Up as Oil Prices Explode

Shares of Petrobras (NYSE:PBR), Brigham Exploration (Nasdaq:BEXP), Schlumberger (NYSE:SLB) and BP (NYSE:BP) closed up on Wednesday as oil prices surged in response to news oil inventories unexpectedly dropped.

Oil prices exploded on Wednesday to roar above the $111 a barrel mark, as the U.S. Energy Information Administration announced oil inventories fell by 2.3 million barrels for the week ending April 15.

On the New York Mercantile Exchange, May delivery for West Texas Intermediate crude rose $3.17 or 2.93 percent to reach $111.45 a barrel.

The weakness of the U.S. dollar helped boost a number of commodities, including oil, as the U.S. dollar index dropped 0.91 on Wednesday.

Home heating oil prices increased 6.29 cents to $3.2214 a gallon. Reformulated blendstock gasoline prices rose 4.42 cents to $3.2773 a gallon.

Henry Hub natural gas prices jumped 4.8 cents to $4.31 per million British thermal units.

The national average price of unleaded gasoline climbed to $3.837 a gallon Wednesday, up from Tuesday's $3.835, according to AAA.

BP Wednesday at $45.91, up $1.23, or 2.75 percent. Schlumberger closed at $87.89, gaining $1.76, or 2.04 percent. Brigham Exploration ended the trading day at $34.46, rising $1.20, or 3.61 percent. Petrobras closed at $37.84, jumping $0.75, or 2.02 percent.

BP (BP) (XOM) (APA) (DVN) Close Up as Oil Jumps Again

Questions as to the sustainability of high gasoline prices have been surfacing, but in America, it appears the higher prices aren't going away any time soon, and neither will higher oil prices, as BP (NYSE:BP), Exxon Mobil (NYSE:XOM), Apache Corp (NYSE:APA) and Devon Energy (NYSE:DVN) closed up on Tuesday.

Oil rose above $108 a barrel Tuesday, as the U.S. dollar weakened against other major currencies.

Benchmark crude for May delivery rose $1.03 to settle at $108.15 a barrel on the New York Mercantile Exchange. Tuesday is the last trading day for that contract. Oil for June delivery climbed 59 cents to settle at $108.28 a barrel.

In other Nymex trading for May contracts, heating oil lost 2.43 cents to settle at $3.1585 a gallon and gasoline futures fell 1.97 cents to settle at $3.2331 a gallon. Natural gas jumped 12.4 cents to settle at $4.262 per 1,000 cubic feet.

In London, Brent crude fell 28 cents to settle at $121.33 a barrel on the ICE Futures exchange.

BP closed Tuesday at $44.68, gaining $0.21, or 0.47 percent. Devon Energy ended the day at $86.97, rising $0.78, or 0.90. Apache Corp. closed at $121.99, jumping $1.11, or 0.92 percent. Exxon Mobil closed the session at $83.80, up $0.70, or 0.84 percent.

Apache (APA) (RIG) (CAM) (MRO) Close Down as Oil, Gas Prices Fall

With anticipation the demand for crude oil and gasoline will drop because of high prices, as Transocean (NYSE:RIG), Apache Corp (NYSE:APA), Cameron International (NYSE:CAM) and Marathon Oil (NYSE:MRO) all closed down Monday, as the overall sector was under pressure.

Crude-oil futures dropped Monday as investors were worried about the possibility for slowing demand for oil after debt-ratings company Standard & Poor’s slashed its outlook on the U.S. government’s credit rating which resulted in a move away from stocks and growth-leveraged commodities.

Benchmark light, sweet crude for May delivery fell $2.54, or 2.3%, to $107.12 a barrel on the New York Mercantile Exchange. That ended a three-day winning streak for oil.

Gasoline for May delivery on Monday was down 4 cents, or 1.1%, to $3.25 a gallon.

May heating oil fell 4 cents, or 1.3%, to $3.18 a gallon.

May natural gas was lower by 7 cents, or 1.6%, to $4.14 per million British thermal units.

Marathon Oil closed Monday at $51.09, down $0.24, or 0.47 percent. Cameron International ended the day at $53.11, falling $0.24, or 0.45 percent. Apache Corp. closed at $120.93, dropping $1.47, or 1.20 percent. Transocean closed at $74.17, losing $1.41, or 1.87 percent.

Hess (HES) (NOG) (PBR) (HK) Close Down as Oil, Gas Prices Fall

As perceptions demand for crude oil and gasoline will drop because of high prices, Hess Corporation (NYSE:HES), Northern Oil and Gas (Amex:NOG), Petrohawk Energy Corp. (NYSE:HK) and Petrobras (NYSE:PBR) all closed down Monday, as the overall sector took a breather.

Crude-oil futures dropped Monday as investors were worried about the possibility for slowing demand for oil after debt-ratings company Standard & Poor’s slashed its outlook on the U.S. government’s credit rating which resulted in a move away from stocks and growth-leveraged commodities.

Benchmark light, sweet crude for May delivery fell $2.54, or 2.3%, to $107.12 a barrel on the New York Mercantile Exchange. That ended a three-day winning streak for oil.

Gasoline for May delivery on Monday was down 4 cents, or 1.1%, to $3.25 a gallon.

May heating oil fell 4 cents, or 1.3%, to $3.18 a gallon.

May natural gas was lower by 7 cents, or 1.6%, to $4.14 per million British thermal units.

Hess Corporation closed Monday at $77.21, down $1.67, or 2.12 percent. Northern Oil and Gas ended the day at $22.10, falling $1.26, or 5.39 percent. Petrohawk Energy Corp. closed at $26.00, dropping $0.31, or 1.18 percent. Petrobras closed at $36.33, losing $1.48, or 3.91 percent.

Shell (RDS-A) (RRC) (CHK) (CVX) Close Down as Oil, Gas Prices Fall

As perceptions demand for crude oil and gasoline will drop because of high prices, shares of Range Resources (NYSE:RRC), Chesapeake Energy (NYSE:CHK), Shell (NYSE:RDS-A) and Chevron (NYSE:CVX) all closed down Monday, as the overall sector took a breather.

Crude-oil futures were down Monday as investors were worried about the possibility for slowing demand for oil after debt-ratings company Standard & Poor’s slashed its outlook on the U.S. government’s credit rating which resulted in a move away from stocks and growth-leveraged commodities.

Benchmark light, sweet crude for May delivery dropped $2.54, or 2.3%, to $107.12 a barrel on the New York Mercantile Exchange. That ended a three-day winning streak for oil.

Gasoline for May delivery on Monday was down 4 cents, or 1.1%, to $3.25 a gallon.

May heating oil fell 4 cents, or 1.3%, to $3.18 a gallon.

May natural gas was lower by 7 cents, or 1.6%, to $4.14 per million British thermal units.

Chevron (NYSE:CVX) closed Monday at $104.50, down $1.74, or 1.64 percent. Shell ended the day at $71.22, falling $1.64, or 2.25 percent. Chesapeake Energy closed at $31.98, dropping $0.75, or 2.29 percent. Range Resources closed at $52.57, losing $0.68, or 1.28 percent.

Devon (DVN (CAM) (PTR) (STR) Closed Mixed as Oil, Gas Continue to

Cameron International (NYSE:CAM), Devon Energy (NYSE:DVN), PetroChina (NYSE:PTR) and Questar Corporation (NYSE:STR) closed mixed on Friday even as oil prices continued to rise, along with gasoline prices, which have risen on
national average for 24 days in a row.

Benchmark West Texas Intermediate crude for May delivery on Friday climbed $1.55 to settle at $109.66 a barrel on the New York Mercantile Exchange. At one point it rose to $110.10. In London, Brent crude added $1.45 to settle at $123.45 a barrel on the ICE Futures exchange.

Gasoline Friday rose 5.45 cents to settle at $3.2892 a gallon. Natural gas dropped 0.8 cent to settle at $4.204 per 1,000 cubic feet. Heating oil increased 3.52 cents to settle at $3.2242 a gallon.

The average price of gasoline is now above $4 a gallon in five states, and it is about rise to that level in New York and Washington, D.C. over the weekend.

Questar closed Friday at $17.13, gaining $0.19, or 1.12 percent. PetroChina closed at $152.17, jumping $0.81, or 0.54 percent. Devon Energy ended the session at $87.82, up $0.05, or 0.06 percent. Cameron International closed at $53.35, falling $0.02, or 0.04 percent.

BP (BP) (MRO) (HAL) (PBR) Closed Mixed as Oil, Gas Continue to

BP (NYSE:BP), Marathon Oil (NYSE:MRO), Halliburton (NYSE:HAL) and Petrobras (NYSE:PBR) closed mixed on Friday even as oil prices continued to rise, along with gasoline prices, which have risen on national average for 24 days in a row.

Benchmark West Texas Intermediate crude for May delivery on Friday climbed $1.55 to settle at $109.66 a barrel on the New York Mercantile Exchange. At one point it rose to $110.10. In London, Brent crude added $1.45 to settle at $123.45 a barrel on the ICE Futures exchange.

Gasoline Friday rose 5.45 cents to settle at $3.2892 a gallon. Natural gas dropped 0.8 cent to settle at $4.204 per 1,000 cubic feet. Heating oil increased 3.52 cents to settle at $3.2242 a gallon.

The average price of gasoline is now above $4 a gallon in five states, and it is about rise to that level in New York and Washington, D.C. over the weekend.

Petrobras closed Friday at $37.24, gaining $0.87, or 2.36 percent. Halliburton closed at $46.82, jumping $0.68, or 1.47 percent. Marathon Oil ended the day at $51.33, up $0.16, or 0.31 percent. BP closed at $44.96, falling $0.58, or 1.27 percent.

Plains (PXP) (CRK) (CLR) (SWN) Close Up as Crude Prices Rebound

Shares of oil and energy companies like Southwestern Energy (NYSE:SWN), Continental Resources (NYSE:CLR), Plains Exploration & Production (NYSE:PXP) and Comstock Resources (NYSE:CRK) all closed up Wednesday as crude oil prices rebounded after two days of trading down.

Crude-oil futures were up Wednesday, gaining strength after a period of weakness midway through the day as investors focused on a supply report and hefty gains for gasoline futures.

Crude for May delivery was up 86 cents, or 0.8%, to settle at $107.11 a barrel on the New York Mercantile Exchange. Futures ended a two-day losing streak that had slashed almost 6 percent from prices on Friday.

The Energy Information Administration said crude oil inventories rose 1.6 million barrels for the week ended April 8.

The EIA reported a drop in gasoline inventories of 7 million barrels. Distillates supplies were down 2.7 million barrels.

Both figures showed deeper declines than projected. Analysts were looking for a decrease of 1.3 million for gasoline and unchanged stocks of distillates, which include diesel and heating oil.

Gasoline for May delivery increased 8 cents to $3.24 a gallon, also ending a two-session losing run and reaching the highest prices since Friday.

May heating oil was up 3 cents, or 1 percent, to $3.20 a gallon.

Comstock Resources closed Wednesday at $28.86, gaining $0.33, or 1.16 percent. Continental Resources closed at $66.63, up $0.90, or 1.37 percent. Southwestern Energy closed at $38.41, rising $0.39, or 1.03 percent. Plains Exploration & Production ended the day at $34.25, jumping $0.35, or 1.03 percent.

Conoco (COP) (CAM) (STR) (XCO) Close Up as Crude Prices Rebound

Shares of oil and energy companies like ConocoPhillips (NYSE:COP), Cameron International (NYSE:CAM), Questar Corporation (NYSE:STR) and Exco Resources Inc. (NYSE:XCO) all closed up Wednesday as crude oil prices rebounded after two days of trading down.

Crude-oil futures were up Wednesday, gaining strength after a period of weakness midway through the day as investors focused on a supply report and hefty gains for gasoline futures.

Crude for May delivery was up 86 cents, or 0.8%, to settle at $107.11 a barrel on the New York Mercantile Exchange. Futures ended a two-day losing streak that had slashed almost 6 percent from prices on Friday.

The Energy Information Administration said crude oil inventories rose 1.6 million barrels for the week ended April 8.

The EIA reported a drop in gasoline inventories of 7 million barrels. Distillates supplies were down 2.7 million barrels.

Both figures showed deeper declines than projected. Analysts were looking for a decrease of 1.3 million for gasoline and unchanged stocks of distillates, which include diesel and heating oil.

Gasoline for May delivery increased 8 cents to $3.24 a gallon, also ending a two-session losing run and reaching the highest prices since Friday.

May heating oil was up 3 cents, or 1 percent, to $3.20 a gallon.

Exco Resources Inc. closed Wednesday at $20.78, gaining $0.01, or 0.05 percent. Questar Corporation closed at $16.88, up $0.22, or 1.32 percent. Cameron International closed at $53.57, rising $0.72, or 1.36 percent. ConocoPhillips ended the day at $77.66, jumping $0.50, or 0.65 percent.