New York crude prices drop in afternoon trade

Crude oil prices were down in New York in afternoon trade after rising above $106 per barrel earlier in the session.

May contracts for West Texas Intermediate crude were 73 cents lower to $104.10 per barrel on Thursday afternoon while Brent crude for May delivery dropped 39 cents to $103.36 per barrel on the ICE Futures Europe exchange in London.

May gasoline futures dropped 5 cents to $2.73 per gallon after having added over 13 cents per gallon on Wednesday.

Despite the decline in futures prices, at-the-pump prices for gasoline in the United States rose 0.2 cent overnight to an average $3.289 per gallon, a new record, according to AAA and the Oil Price Information Service.

The US Energy Department has said that refiners are producing less gasoline at the moment, reducing supplies, because refining margins are low.

Nymex May heating oil added 1 cent to $2.96 per gallon while May natural gas dropped 35 cents to $9.48 per million British thermal units.