Crude prices down after early highs

Crude oil prices hit new record peaks early in the day on Thursday on reports of the bombing of an army barracks in Nigeria and threats of more attacks on facilities and individuals associated with the oil industry there.  Also helping prices up were continuing concerns over output from Iran and drops in inventories reported by the United States on Wednesday.

Brent crude for June delivery went as high as $74.22 per barrel, while West Texas Intermediate on the New York Mercantile Exchange hit $72.49 per barrel for May contracts and $74.48 per barrel for June contracts.  May contracts expire at the end of trade on Thursday.

Despite these early increases, by midday in New York, May WTI contracts had lost 90 cents to $71.25 per barrel and June contracts had dropped 97 cents to $73.15.  June delivery Brent fell back by 97 cents to $72.76.