Gasoline, heating oil futures decline

Crude oil prices were lower on Tuesday ahead of Wednesday’s new data on US inventories, as some analysts believe that the new figures will show that gasoline supplies will have increased on higher output from refineries.

At the close of trade on the New York Mercantile Excahnge, West Texas Intermediate crude August contracts were 10 cents lower to $74.05 per barrel even though it was up to $75.35 at one point in the session.

September delivery Brent crude was at $75.57 per barrel, down 72 cents on the Intercontinental Exchange in London.

Nymex August gasoline futures were 2 cents lower to $2.10 per gallon, while September heating oil dropped 3 cents to $2.05 per gallon.

September natural gas fell 7 cents to $6.41 per million British thermal units.