Oil falls as options expire; gas prices rise

"I don't think we'll go much higher than that," he said.

Demand for gasoline has been sliding since January, and many analysts think American consumers' declining appetite for fuel will eventually pull prices down. However, that theory could prove wrong if oil's price reversal is temporary. Oil prices reached a trading record of $126.98 a barrel on Tuesday.

"If we don't get a break in crude oil prices ... I can't imagine that we're going to see any relief at the pump this summer," said Stephen Schork, an analyst and trader in Villanova, Pa.

In other Nymex trading Thursday, June gasoline futures fell 4.14 cents to $3.139 a gallon, and June heating oil futures fell 1.83 cents to $3.5995 a gallon.

In London, June Brent crude fell 76 cents to $121.10 a barrel on the ICE Futures exchange.