Energy Sector Roundup: Higher oil and gasoline

Gasoline Higher at the Pump

Retail gas prices rose one cent Friday to a new national average over $3.96 a gallon, putting them on a course to hit $4 by early next week. Oil futures settled higher after trading in a narrow range.

Light sweet crude for July delivery rose 73 cents to settle at $127.35 a barrel.

At the pump, gas prices rose to a record national average of $3.962 a gallon, according to a survey of stations by AAA and the Oil Price Information Service. Gas prices keep rising despite a downturn in the oil market over the last week, and will likely soon pass the $4 mark.

In other Nymex trading, gasoline futures for June delivery rose 0.47 cent to settle at $3.4089 a gallon. The June gasoline contract expired at the end of trading Friday.

June heating oil futures, which also expired Friday, fell 2.87 cents to settle at $3.6598 a gallon, and July natural gas futures rose 22.9 cents to $11.703 per 1,000 cubic feet.

Another Offshore Find for Petrobras

Brazil's Petrobras continues its recent string of oil discoveries. A test well in the prolific offshore Santos Basin confirmed the presence of light oil.

Unlike other recent offshore discoveries that lie in very deep water, this one is in the relatively shallow waters in the southern part of the basin and may not be as difficult to access.