Gold surges as dollar falls; oil nears $115, then retreats

Oil futures prices fell from a record near $115 a barrel Wednesday as investors absorbed a government report that showed gasoline demand continues to decline. The Energy Department's Energy Information Administration said gas demand has fallen an average of 1 percent each of the last four weeks compared to the same period last year.

Light, sweet crude for May delivery fell 44 cents to $114.23 a barrel on the Nymex after rising to a trading record of $114.95.

Other energy futures traded mixed. May gasoline futures added 4.35 cents to $2.9245 a gallon on the Nymex, while May heating oil futures fell 1.03 cents to $3.2636 a gallon.

In agriculture futures, wheat prices shot up on supply concerns fed by Kazakhstan's move to ban exports in a bid to curb domestic food inflation.

Wheat for May delivery rose 21.25 cents to $9.17 a bushel on the Chicago Board of Trade.

Other agriculture futures traded mixed Wednesday. Soybeans for May delivery dropped 20 cents to $13.60 a bushel on the CBOT, while May corn futures rose 0.75 cent to $6.0675 a bushel.