Consumer Confidence Climbs; Home Prices Record Plunge; Troubled Banks on the Rise; Oil Falls 7%; Slim’s Bank Buys Citi Stock; D.R. Horton Shares Vault

In the energy market Monday, crude for May delivery hit a record intraday high of $117.76, before also closing at a record $117.48/barrel, up 79 cents. May reformulated gasoline dropped 1.02 cents, to $2.9791/gallon.

Crude oil yesterday shot past $117 a barrel. Sky-high oil prices are now hitting Americans where it hurts: their wallets. The average price US drivers paid for gasoline has soared to a new high of $3.51 a gallon, rising a hefty 11.9 cents over the last week.

“The rise in the oil price has little to do with supply and demand, says Phil Flynn of Alaron Trading over at Casey Research,” and has everything to do with the value of the dollar … It really is all about the dollar right now and if the dollar shows any sign of strength, you’ll see a lot of money come out of oil very quickly.”

In the energy market Friday, crude for May delivery resumed its upward arc, closing at $116.69/barrel, up $1.83. May reformulated gasoline gained 3.15 cents and inched closer to the $3 mark, ending at $2.9893/gallon.