A raft of data has demonstrated that inflation is proving stubborn, consumer confidence is falling and the U.S. economy is growing more slowly than expected.
Exxon Mobil's first-quarter earnings missed expectations as the industry came under pressure from eroding refining margins and collapsing natural gas prices.
Oil prices could rise to $102 per barrel if a major conflict in the Middle East breaks out involving one or more oil producers, according to the World Bank.