Brent, WTI see declines

September contracts for West Texas Intermediate crude on the New York Mercantile Exchange were 93 cents lower to $74.95 per barrel in mid-afternoon trade on Thursday.

One analyst said that crude oil is overvalued by between $10 and $15 per barrel, noting that while inventories have been declining, they are still higher than last year at this time and above the five-year average.

With US refinery utilization rates higher last week, Nymex August gasoline was also lower, dropping 1 cent to $2.08 per gallon, while September heating oil fell 2 cents to $2.06 per gallon.

September natural gas was down 1 cent to $6.05 per million British thermal units.

Brent crude for September delivery was also lower, falling $1.35 per barrel on the Intercontinental Exchange in London.