Crude prices down slightly in afternoon trade

Crude oil prices were up most of the session Tuesday, but by 1:25 p.m. in New York the price of July contracts for West Texas Intermediate crude had dropped 31 cents below Monday’s close to trade at $70.31 per barrel on the New York Mercantile Exchange.

The early gains came on news from the Commerce Department that housing starts were up 17.2 percent in the US in May while 4 percent more new building permits were issued during the same month.

In midday trade, meanwhile, Nymex July gasoline futures had added 4 cents to $2.10 per gallon while August natural gas had dropped 7 cents to $4.31 per million British thermal units.

The retail price of gasoline in the United States was up half a cent overnight to $2.674 per gallon on average nationally, AAA said, but most analysts expect that pump prices will soon begin to decline after 49 consecutive days of gains.