Oil prices continued the record rally, with retail gas prices touching record high of USD 3.40 per gallon and it is projected to cross $4 mark shortly.

In the meantime, Oil prices chop down a little after setting yet another record high overnight.

Light sweet crude for next month delivery came down 7 cents, to settle at record high of $114.86 per barrel on the New York Mercantile Exchange (NYMEX).

The gasoline futures for the coming month (May) climbed up 1.88 cents to settle at a record $2.9578 per gallon.

On the other hand, the retail gas prices advanced 1.9 cents to a new average national peak of $3.418 per gallon.

At the NYMEX, the heating oil futures for the next month descended 1.56 cent to settle at USD 3.2674 per gallon.

In London, June Brent crude futures came down 23 cents to settle at USD 112.43 per barrel on the ICE Futures exchange.

May natural gas futures fell 5 cents to settle at USD 10.383 per 1,000 cubic feet on the NYMEX.