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Crude oil shot past $130 a barrel for the first time, briefly in pre-market trading and then again after the Energy Department reported a surprising decline in crude inventories last week following four straight weeks of gains. By mid-morning, oil traded at $129.87 a barrel on the New York Mercantile Exchange.
High energy prices have been a source of anxiety for investors, as many retailers and credit card companies have noticed consumers paring back spending on discretionary items, including clothing and jewelry, to buy necessities such as gasoline and groceries, which have been soaring in price.
Wall Street was also hesitant as it awaited minutes from the Federal Reserve's April 29-30 meeting, which should provide more insight into whether policymakers regard rising energy prices as a serious threat. The Fed cut its benchmark federal funds rate by a quarter-percentage point to 2 percent at that meeting, marking the seventh cut in an easing cycle that started in September. Its accompanying economic statement left open the possibility of an end to rate cuts.
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