Oil prices rise after Turkish pipeline fire

NEW YORK - Oil prices jumped back above $120 a barrel Thursday, halting a steep three-day slide after Kurdish rebels claimed responsibility for a fire at key Turkish pipeline that supplies Western countries. Light, sweet crude for September delivery rose $1.44 to settle at $120.02 a barrel on the New York Mercantile Exchange, after prices alternated between positive and negative territory. Gasoline futures also rose, while heating oil and natural gas futures finished lower. At the pump, retail gas prices tumbled further overnight. A gallon of regular fell on average just over a penny to $3.849, more than 6 percent off record-highs above $4 a gallon reached last month, according to auto club AAA, the Oil Price Information Service and Wright Express. Crude had tumbled more than $6 over the previous three days, bringing prices... [read full story]