Oil dropped to the lowest close in more than two months as the United States heads to the end of the summer-driving season with ample inventories.

Refineries across the nation are operating full out and imports are pouring into the East Coast, boosting gasoline supplies to a record.

Oil rose to the highest level in more than 10 months in New York as government data showed U.S. crude supplies declined, reducing a glut.

Oil climbed to the highest level in almost five months after a government report showed U.S. crude production fell and Iraq said talks to freeze output will be revived.

Americans driving on their summer vacations will enjoy the cheapest gasoline in 12 years as prices stall just above $2 a gallon.

Oil surged above $40 a barrel in New York for the first time since December as central banks from the United States to Norway signaled they will continue to provide economic stimulus to support demand.

Oil tumbled to its lowest level in more than 12 years as crude stockpiles at the delivery point for New York futures expanded to a record.

U.S. gasoline pump prices are poised to drop below $2 a gallon for the first time in more than six years, which is sure to bring comfort and joy to drivers.

Oil climbed from a two-week low amid speculation that the buildup of U.S. crude inventories will soon end as refinery demand increases.

Oil slipped, capping the lowest quarterly average price since the start of 2009 as U.S. crude inventories climbed.