U.S. oil prices retreated from roughly one-month highs Thursday as global markets awaited pivotal trade discussions out the Group of 20, as Iran issues simmered and as the global supply picture took shape.
The pullback followed a hefty nearly 3% price surge on Wednesday, seen on data showing a weekly drop of nearly 13 million barrels in U.S. crude supplies.
Early Thursday, August West Texas Intermediate crude fell 67 cents, or 1.1%, at $58.71 a barrel. The contract settled at $59.38 on the New York Mercantile Exchange Wednesday after tapping a high at $59.93. The settlement was the highest for a front-month contract since May 22, according to Dow Jones Market Data.
International benchmark August Brent crude was down 69 cents, or 1%, at $65.80 a barrel. It finished a day earlier at $66.49 on ICE Futures Europe — the highest settlement in about a month.
Source : Marketwatch