Crude has jumped 27 percent since the middle of February. It dropped from a two-year high on Monday, however, as analysts worried that consumers were beginning to buy less fuel because of higher prices.
Some traders bet that oil will keep rising, driven by increased demand in China. Wunderlich Securities increased its oil forecast to an average of $100 per barrel for 2011 and 2012. Others say it's topped out for the year, pointing to reports that gasoline demand is down.
Benchmark West Texas Intermediate crude for May delivery added 55 cents to $107.70 per barrel on the New York Mercantile Exchange. Retail gasoline also rose to an average of $3.81 per gallon.
