A government report on April 2 may show that U.S. crude-oil inventories last week rose for the 11th time in 12 weeks, a Bloomberg News survey showed. Treasury Secretary Henry Paulson proposed to overhaul how U.S. financial markets are regulated.
Crude oil for May delivery fell $4.12, or 3.9 percent, to $101.50 a barrel at the 2:30 p.m. close of floor trading on the New York Mercantile Exchange. Oil is up 54 percent from a year ago and has jumped 5.6 percent this quarter. Prices rose as much as $1.16 earlier today.
Brent crude for May settlement fell $3.67, or 3.5 percent, to $100.10 a barrel on London's ICE Futures Europe exchange. Futures reached a record $108.02 a barrel on March 14.
Futures prices rose to a record $111.80 a barrel on March 17 in New York as investors purchased commodities in response to the plunging U.S. dollar. The currency's fall spurred interest in energy and metals as an inflation hedge.
Paulson's 218-page ``Blueprint for Regulatory Reform'' said more rules aren't ``the answer'' to the current period of turmoil. The former chairman of Goldman Sachs Group Inc. said the structure of regulating banks, securities firms and insurance companies is outmoded, and the Fed should expand its oversight of financial services beyond banks.