Dropping to less than $74 per barrel, with traders reacting to a myriad of negative news, crude oil prices headed lower in New York Thursday.

The gross domestic product in its 27 member nations grew a sluggish 0.2 percent in the first quarter, the European Union's statistical office Eurostat said on Wednesday. In China, high inflation has traders concerned its central bank will tighten monetary policy to slow growth. In the United States, the Energy Information Administration said crude oil inventories rose by 1.9 million barrels in the week ending May 7.

It was reported that June delivery crude oil has dropped 14.1 percent off its high for the year, losing $1.82 from a prior settlement Thursday to $73.83 per barrel.

Loosing 0.0321 cents, heating oil futures for June went down to $2.127 per gallon. Reformulated gasoline blend-stock prices shed 0.027 cents to $2.1834 per gallon.

It was also reported that Henry Hub natural gas futures added 0.032 cents to $4.316 per million British thermal units.

According to the reports of AAA, at the pump, the national average price for unleaded gasoline dropped to $2.89 per gallon Thursday from Wednesday's $2.896. (With Inputs from Agencies)