Crude rises but gasoline futures decline

Crude oil prices were higher on Thursday on US gasoline consumption that was at its highest so far this year, rising to 9.7 million barrels per day, the third highest level in history.

Concerns were also raised about a report that four grades of Brent crude from North Sea fields will decline by 6.8 percent next month due to slowdowns for maintenance.

Brent crude for August delivery added 78 cents to $76.22 per barrel in late afternoon trade on the Intercontinental Exchange in London after rising to $77.07 per barrel earlier in the session.

September Brent, which will become the current contract on Monday, was as high as $77.25 per barrel on the day but later fell back to $76.26 per barrel.

West Texas Intermediate crude August contracts were 4 cents higher to $72.60 per barrel in early afternoon trade on the New York Mercantile Exchange after rising to $73.80 earlier.

Despite the gain in crude oil futures, Nymex August gasoline dropped 4 cents to $2.26 per gallon and Nymex August heating oil was 1 cent lower to $2.10 per gallon.

Nymex September contracts for natural gas declined as well, falling 21 cents to $6.51 per million British thermal units.