Commodities are rallying again today on Wall Street. Brent crude oil has blown through the key point of resistance of $80 per barrel, while wholesale gasoline prices are following along and have broken through $2.00 per gallon. Oil is currently trading at $81.37 per barrel. Gas is at $2.0602.

While yesterday's dramatic fall in the oil price saw a barrel of WTI crude fall by almost 8% to around $45 a barrel, the oil market opened gapped up this morning marginally below the psychologcial $50 per barrel level.

Russia may cut oil production by 200,000-300,000 barrels a day if it joins OPEC's expected output reduction policy, the chief of the country's largest independent producer, LUKoil, said on Monday.

World oil prices fell as low as $118 a barrel in Tuesday's trading, with investors apparently speculating that the economic slowdown in the United States and some other nations will cut demand for energy.

Oil prices fall below 130 dollars a barrel sending India's Sensex 523 pts up. Crude oil prices fell 5.31 dollars at 129.29 US dollar a barrel, the lowest since 5th June on the New York Mercantile Exchange on Thursday while the Sensex rose by 523 points on heavy buying supported by cooling crude prices.

Global oil prices will jump to unprecedented levels in case of any aggression against Iran, the country's oil minister said on Saturday.

Gold fell for a second day in Asia as the dollar rallied on signs the Federal Reserve may be finished cutting interest rates and as crude oil traded below record highs, eroding the appeal of the precious metal as an inflation hedge.

Crude oil fell below 100 dollar a barrel after a US government report showed demand dropped and investors sold commodities on concern an economic slowdown will lower consumption.

Crude oil prices briefly surged Tuesday to a record of $109 a barrel before easing back down, and the International Energy Agency warns that higher prices are here to stay.

Crude oil prices continued their surge Thursday hitting a new record high of nearly $106 a barrel.

World oil prices traded higher in Asia on Monday after US President George W Bush called for a multibillion-dollar stimulus plan to help kick-start his nation's flagging economy.

World oil prices edged up on Friday, after shooting close to 100 dollars earlier this week, as traders worried about tight supplies and geopolitical jitters in key producers.