Oil prices dip on sailors’ release

Oil prices were lower on Thursday as the 15 British sailors who had been held by the Iranian government arrived back in the UK. Brent crude front-month contracts dropped 34 cents to $68.06 per barrel on the Intercontinental Exchange in London, while West Texas Intermediate crude fell 28 cents to $64.10 per barrel on the New York Mercantile exchange after having gone as high as $64.94 per barrel earlier in the session.

Nymex heating oil was 1 cent lower to $1.8527 per gallon. Nymex gasoline futures were higher, but by less than a cent to $2.1094 per gallon after a 4 percent gain on Wednesday on low stockpiles. Prices for gasoline have been rising on tight supplies created by several recent unplanned shut-downs at refineries. Natural gas was up as well, adding 9 cents to $7.605 per 1,000 cubic feet.