Crude oil prices dropped below $93 a barrel on Tuesday, after hitting record highs a day earlier on concerns of production reductions in Mexico and record lows for the dollar.
Soaring prices have not yet become an emergency, with officials allowing the free market to work.
The dollar fell to fresh lifetime lows versus the euro and a basket of currencies on Friday as investors fretted an anticipated Federal Reserve interest rate cut next week would not be the last.
The dollar fell to fresh record lows against the euro and a basket of currencies on Friday as investors, faced with a run of weak U.S. economic data, anticipated a Federal Reserve interest rate cut next week.
Gold rebounded on Thursday as bargain hunters returned to the market amid worries about possible military action by Turkey in northern Iraq, high oil prices as well as a weak dollar.
Blue-chip stocks dipped on Monday as a 2 percent drop in oil prices dragged the energy sector lower and investors locked in profits after Friday's rally.
Oil prices fell for the third day in a row after the dollar rebounded reducing the appeal of the commodities.
U.S. stocks mostly edged higher on Tuesday after growing optimism the Federal Reserve will soon make another cut in interest rates offset warnings from two leading retailers and weak economic data.
Crude oil fell for a second day towards $81 a barrel, retreating from record highs hit last week as producers in the Gulf of Mexico returned workers to oil rigs evacuated last week.
Gold gained on Monday and hovered near a 28-year high after a weak U.S. dollar spurred buying from investors and speculators, who believed the price could rise further as fundamentals supported the metal.
Crude oil continued its march to new records on Thursday, settling above $83 on a plunging dollar and concerns about a storm in the Gulf of Mexico.
Oil prices on Wednesday closed at a new record-high near $82 per barrel on Wednesday after a report shows that crude reserves dropped more than expected.
Here is a brief roundup of Tuesday movement in the energy sector, with a look at crude oil and natural gas futures and oil stocks.
Oil jumped to a peak over $82 a barrel after the U.S Federal Reserve slashed interest rates and elevated concerns of a low winter supply.
U.S. crude oil hit a record high of $81.24 a barrel on Tuesday, the fifth consecutive trading session that prices have reached an all-time peak.
Saudi Arabia persuaded OPEC to raise oil output by 500,000 barrels per day on Tuesday in a gesture to consumer nations worried by the economic impact of $77 oil and rapidly diminishing fuel stocks.
Most OPEC oil ministers held the line on Sunday that current output is sufficient to meet demand, but the world's biggest exporter Saudi Arabia was silent ahead of a September 11 meeting to chart production policy. The group that supplies more than a third of the world's oil will consider conflicting economic signals at Tuesday's talks when it sets production levels for peak winter demand.
The Nikkei average closed 0.6 percent higher on Thursday, after hitting its lowest level in a week, as telecoms including KDDI Corp gained on a bullish brokerage report and steel stocks rose on better outlooks.
Commodities indexes remain popular even after this summer's market turmoil.
Gold slipped with stock markets and other commodities on Tuesday as fears about the effect of a global credit squeezed lingered, analysts said.
Prices of metals, energy and grains tumbled on Thursday as commodities were caught up in a global rush out of risky investments for the safety of cash.
Oil steadied below $76 a barrel on Wednesday after two days of losses, as investors awaited weekly U.S. inventory data expected to show refineries running harder to churn out more gasoline.
