March 7 (Bloomberg) -- Crude oil fell in New York, snapping a two-day, 6 percent rally.

Crude oil for April delivery fell as much as 70 cents, or 0.7 percent, to $104.94 a barrel in electronic trading on the New York Mercantile Exchange. It traded for $105.04 at 8:44 a.m. London time, having touched a record $105.97 yesterday.

Brent crude for April settlement fell 37 cents, or 0.4 percent, to $102.24 at 8:32 a.m. local time on London's ICE Futures Europe exchange.

To contact the reporters on this story: Grant Smith in London at gsmith52@bloomberg.net

Last Updated: March 7, 2008 03:46 EST