Crude lower ahead of inventories reports

Crude oil prices declined a bit Monday as indications are that most analysts believe that Wednesday’s inventory report from the US Energy Information Administration will show that gasoline and distillates stockpiles grew again last week.

September contracts for West Texas Intermediate crude on the New York Mercantile Exchange were down 17 cents to $76.85 per barrel in midafternoon trade, while Brent crude was down 60 cents to $75.66 per gallon on the Intercontinental Exchange in London.

Brent prices have been higher than WTI most of the year, but WTI surged ahead of Brent last week.

Nymex August gasoline was also lower, falling a cent to $2.09 per gallon, while September heating oil was also down 1 cent to 2.09 per gallon.

The price of September natural gas was higher, however, adding 28 cents to $6.49 per million British thermal units.