Oil prices fall for sixth straight day

Benchmark U.S. oil gave up 81 cents to $96.20 per barrel in New York. Brent crude, which sets the price for oil imported into the U.S., lost 47 cents to $112.26 a barrel in London.

The six-day drop is the longest for U.S. oil since July 2011, and it's the longest for Brent crude since June 2010.

Prices have been declining in reaction to disappointing jobs growth in the U.S. and doubts about Europe's ability to fix its economy. On Wednesday, the Energy Information Administration said that increased oil imports and weaker domestic demand for petroleum helped boost the nation's oil supply last week to 379.5 million barrels, the highest since 1990.

The Commerce Department also said U.S. wholesalers increased their stockpiles more slowly in March, hinting at a slowdown at the nation's factories.

At the pump, retail gasoline prices fell by more than a penny to a national average of $3.75 per gallon, according to auto club AAA, Wright Express and the Oil Price Information Service. A gallon of regular unleaded has dropped an average of 19 cents in about a month. Gasoline is 21 cents cheaper than it was at the same time last year.

OPIS chief oil analyst Tom Kloza said that gasoline prices should gradually decline this summer. He estimates that the national average could slip as low as $3.50 per gallon by the Fourth of July.

In other futures trading, heating oil lost 1.04 cents to $2.9797 per gallon and wholesale gasoline lost nearly a penny at $2.9871 per gallon. Natural gas added 9.2 cents to $2.485 per 1,000 cubic feet.