WTI drops $2 per barrel in midday trade

Crude oil prices were much lower on Tuesday after a strike in Nigeria ended and the nation’s new president said that he will address the violence by militants that has stopped up to a quarter of the nations oil output. His comments sent Brent crude for July delivery down by $1.12 to $68.59 per barrel on the Intercontinental Exchange in London. Meanwhile, by mid-afternoon on the New York Mercantile Exchange July contracts for West Texas Intermediate crude had dropped $2 to $63.20 per barrel.

Prices were also helped lower by the news that refineries which have been closed in Texas, Louisiana, and Delaware would return to normal operations after closures for repairs and maintenance. June Nymex gasoline was 10 cents lower to $2.30 per gallon, while July heating oil fell 7 cents to $1.87 per gallon. Nymex July natural gas was down 8 cents to $7.72 per million British thermal units.