WTI drops $1.42 per barrel in New York

Crude oil prices fell Monday even as retail prices for gasoline in the United States continued its upward climb even though demand is still lagging.

July contracts for West Texas Intermediate crude was down $1.42 to $70.62 per barrel on the New York Mercantile Exchange, while Brent crude fell $1.60 to $69.32 per barrel on the ICE Futures Europe exchange in London.

Nymex July gasoline futures added a cent to $2.05 per gallon while the at-the-pump price for gasoline gained 0.6 cent to $2.669 per gallon on average nationally, according to AAA.

Even with gains of 5 cents in the past week and nearly 31 cents in the past month, retail gasoline prices in the United States are still $1.40 lower than they were last year at this time and some analysts believe that pump prices could hit a ceiling soon before they begin to retreat.

Nymex July heating oil futures, meanwhile, fell 2 cents to $1.82 per gallon while July natural gas added 31 cents to $4.17 per million British thermal units.