US crude oil slides off peak

Crude oil prices dropped sharply to under $105 per barrel in New York, perhaps signaling the end of a six-week rally. Crude oil had gained $15 since mid-June. At this point, some analysts are saying the price is over-inflated and due for a correction. The Energy Information Administration said Wednesday that crude oil stockpiles dropped by 9.9 million barrels in the week to 373.9 million. That helped push West Texas Intermediate crude to a peak of $106.52 per barrel in New York. Prices slipped off the peak in afternoon trading to $104.74 per barrel. Reformulated blendstock gasoline on Thursday added 0.95 cents to $3.0244 per gallon. Home heating oil lost 0.54 cents to reach $2.9963 per gallon. Natural gas gave up 6.7 cents to $3.613 per million British thermal units. At the pump, the average price for a gallon of unleaded regular gasoline was $3.518, up from Wednesday's $3.501, the AAA Fuel Gauge report said.