WTI declines in New York trade

Crude oil prices were mixed on Monday.

While Brent crude for August delivery added 63 cents to $76.25 per barrel on the Intercontinental Exchange in London, August contracts for West Texas Intermediate crude was 79 cents lower to $72.02 by early afternoon in New York.

Nymex August gasoline added 3 cents to $2.34 per gallon, while Nymex August heating oil was trading even at $2.10 per gallon.

September contracts for Nymex natural gas, meanwhile, had dropped 3 cents to $6.53 per million British thermal units.

Despite continuing political problems in Nigeria that sent first-quarter oil production down to just 2.15 million barrels per day from 2.34 million barrels per day during the same period last year, some analysts felt that recent gains have been overdone while refineries in the United States are increasing their output.

A three-year-old British girl who had been kidnapped in Nigeria last week was set free over the weekend, while several foreign workers also kidnapped last week there were still being held but were said to be alive.

In other potential trouble areas that could sent prices higher, BP (LSE: BP; NSYE: BP; TYO; 5051) said that it might have to halt production in several North Sea oil fields after a natural gas pipeline was closed.