Oil prices eased Wednesday, pulling back from their highest levels since October, which had been achieved with three straight days of gains. The market now assessed whether major producers are likely to step in quickly with more supply in response to tougher action against Iran’s oil market from the Trump administration.
A snapshot of weekly U.S. data also hinted at an unexpected jump in crude supply, helping to halt this week’s price rally.
U.S.-based West Texas Intermediate crude for June delivery slipped 23 cents, or 0.4%, at $66.07 a barrel on the New York Mercantile Exchange. June Brent crude the global benchmark, was down 6 cents, or less than 0.1%, at $74.45 a barrel on ICE Futures Europe.
In other trading, May gasoline fell 1% to $2.1084 a gallon and May heating oil eased 0.2% to $2.1129 a gallon.