Rising oil prices are a serious bellwether for inflation, which has not yet escalated rapidly. Economists say high unemployment should curb demand, putting downward pressure on prices.
In midmorning trading, the Dow Jones industrial average dropped 5.97 points, or 0.07 percent, to 8,764.95. The Standard & Poor's 500 lost 0.40 percent, 4.39 points, to 940.50. The Nasdaq composite index shed 21.19 points, 1.14 percent, to 1,841.18.
The benchmark 10-year U.S. Treasury bond rose 21/32 to yield 3.780 percent.
The euro fell to $1.4009, compared to Thursday's $1.4107. Against the Japanese yen, the dollar rose to 98.18 yen, compared to Thursday's 97.60 yen.
In Tokyo, the Nikkei average closed above 10,000 for the first time in eight months. The index added 154.49 points, up 1.55 percent, to 10,135.82.
