Oil prices retreat on stronger dollar

Crude oil prices hit yet another new record high at $115.54 per barrel in overnight trade, but Thursday’s rebound by the US dollar against the euro sent the price of oil lower during the session.

At just before the close of floor trade on the New York Mercantile Exchange, West Texas Intermediate crude for May delivery was 68 cents below Wednesday’s close at $114.25 per barrel while Brent crude was down 32 cents to $112.34 per barrel.

Nymex May gasoline added 1 cent to $2.95 per gallon but June heating oil was down 2 cents to $3.22 per gallon while June natural gas dropped 8 cents to $10.45 per million British thermal units.

At-the-pump prices for gasoline and diesel in the United States again rose to new record highs.

Pump prices for gasoline were up 1.9 cents overnight to $3.418 per gallon, while diesel jumped 1.7 cents to $4.145 per gallon.