Crude futures down as Brent continues high

US crude oil futures lost over $2 on Thursday while Brent crude lost nearly a dollar on August contracts and just over a dollar and a half as the threat from Hurricane Emily to oil production facilities in the Gulf of Mexico diminished and concerns over short supplies in the fourth quarter eased. Gasoline and distillate prices also fell.

Prices for West Texas Intermediate August contracts on the New York Mercantile Exchange fell by $2.21 to $57.80 per barrel at the close of trade, adding to a decline of 61 cents Wednesday.

August delivery Brent crude contracts on the International Petroleum Exchange lost 96 cents to $57.31 per barrel, but as August contracts expired at the close of Thursday trade, September contracts got more attention. September Brent crude was trading at $57.52 per barrel at the close of trade, down $1.55.

It was the second day in a row that Brent trading volumes reached a new record high. Nymex unleaded gasoline for August lost 5.82 cents to $1.6960, while August Nymex heating oil fell 5.3 cents to $1.6650 per gallon.