Money Minute: Recovery Hits a Snag

New figures indicate spending slides, Chevron pumps more oil but less profit and a new twist in the Madoff case.

Money Minute: Exxon, GMAC, Oil

A bankruptcy judge has ruled that GMAC Financial Services can become Chrysler's preferred lender.

Money Minute: Antitrust, Windows 7, Oil

The Obama administration has warned corporate America that the government will more aggressively investigate big firms that hurt smaller competitors.

Money Minute: Ken Lewis, GM, Oil

Ken Lewis is keeping his seat on the Bank of America board, but his job title is less certain.

Money Minute: GM, Chrysler, Oil

General Motors Chief Executive Fritz Henderson says that a bankruptcy filing is "probable."

Money Minute:Airlines, Credit Cards, Oil

American Airlines has unveiled its new fleet of Boeing jets.

Money Minute: Exec. Pay, Bernanke, Oil

Mortgage finance giants Fannie Mae and Freddie Mac plan to pay more than $210 million in bonuses through next year to give workers the incentive to stay in their jobs at the government-controlled companies.

Money Minute: British Airways, Google, Oil

British Airways's corporate credit rating has been cut to junk status by Standard&Poor's.

Money Minute: Retail Sales, Mortgages, Oil

After hibernating since last fall, shoppers may be crawling out of their caves to restock their pantries.

Money Minute: HSBC, Oil, PCs

European bank HSBC will cut 6,100 jobs in the United States and will shutter its consumer loan businesses here.

Money Minute: John Thain, UAW, Oil

The New York attorney general has moved to force former Merrill Lynch CEO John Thain to disclose details about bonuses paid to Merrill employees.

Money Minute: Midway, Jobs, Oil

Midway Games has filed for Chapter 11 bankruptcy protection.

Money Minute: Lutz, Madoff, Oil

Bob Lutz, a giant personality in the auto industry, is set to retire from General Motors at the end of the year. The AP's Mark Hamrick reports.

Money Minute: Recession, Paulson, Oil

t's official. The United States is in recession. That's according to the National Bureau of Economic Research. The AP's Mark Hamrick reports.

Oil prices decline after jump in crude inventories

By MADLEN READ – 2 hours ago

NEW YORK (AP) — The price of oil dipped back to the $113-a-barrel level Wednesday after the government reported a massive increase in the nation's crude supplies amid a slowdown in fuel demand.

The Energy Information Administration, an arm of the U.S. Energy Department, said crude inventories rose by a hefty 9.4 million barrels in the week ended Aug. 15, after a big gain in imports. The figure came in much higher than the average analyst forecast for a 1.7 million-barrel increase, according to energy information provider Platts.

U.S. fuel supplies are not abundant across the board — gasoline inventories shrank by a larger-than-expected 6.2 million barrels to below-average levels, the EIA said. However, the decrease was not a major concern on Wednesday to traders, who have been focusing on weakening demand in the United States. Gasoline demand averaged about 9.5 million barrels per day over the last four weeks, or 1.6 percent lower than the same period last year, the EIA said.

Light, sweet crude for September delivery fell $1.43 to $113.10 a barrel in midday trading on the New York Mercantile Exchange, after rising above $116 a barrel in earlier trading. The September contract expires on Wednesday.

The dollar rose against most currencies on Wednesday, giving traders an extra reason to exit commodities.

Few market watchers, however, were discounting the possibility of nervousness returning to the oil markets and bumping prices up again.

Oil prices decline after jump in crude inventories....