Crude, gasoline prices drop slightly

Crude oil prices were lower on Tuesday after a series of advances that had taken prices 25 percent higher than the year’s low in late January. Much of the recent gains have been due to political tensions between Iran and the West that have only been increased by last week’s capture of 15 British sailors by the Iranians. Refinery closures due to maintenance have also helped send prices higher. In addition, a threatened strike in France has slowed down production there.

Brent crude May contracts were 16 cents lower to $64.25 per barrel late in the afternoon in London, while West Texas Intermediate crude for May delivery dropped 32 cents to $62.59 per barrel by early afternoon on the New York Mercantile Exchange. Meanwhile, April Nymex gasoline dropped 1.5 percent to $2.0532 per gallon after going as high as $2.0850 per gallon during the session. Gasoline futures have added 52 percent since late January.