Crude Oil Price Recedes Following Another Record High

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rude oil prices fell by the most in a month in early trading Thursday, after reaching another record high, of $72.49 a barrel, Bloomberg reported.

The intraday price on the New York Mercantile Exchange then retreated, falling back to $71.30, Bloomberg said.

The decline was due in part to speculation that gasoline supplies on hand may be enough to meet peak driving season this summer, Bloomberg reported.

Benchmark light sweet crude oil futures closed the trading day Wednesday at $71.90, the third record closing price in the past three days. (Click here for previous coverage.)

Monday was the first time oil futures had closed at more than $70 a barrel in the Nymex.