Oil futures pulled back Wednesday but held ground near multimonth highs hit this week amid expectations that major global producers outside the U.S. are expected to continue to keep a lid on output.
May Brent crude fell 21 cents, or 0.3%, to $67.40 a barrel on ICE Futures Europe. Its finish at $67.61 on Tuesday marked the highest for a front-month contract since November.
April West Texas Intermediate crude fell 52 cents, or 0.8%, at $58.51 on the New York Mercantile Exchange. It has lagged its international counterpart this week so far. The April WTI contract expires at the end of Wednesday’s session.