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. Even so, energy companies like Vaalco Energy (NYSE:EGY), Devon Energy (NYSE:DVN), Shell (NYSE:RDS-a) and Anadarko (NYSE:APC) all closed up on the day.
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.
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