Oil futures settled lower on Thursday, shrugging off earlier gains even as a tropical storm in the Gulf of Mexico cut oil output in the region by more than half.
The move follows a report Thursday, in which the Organization of the Petroleum Exporting Countries forecast lower demand for its crude oil next year as rivals, including the U.S., lift production.
On Thursday, August West Texas Intermediate crude fell by 23 cents, or 0.4%, to settle at $60.20 a barrel on the New York Mercantile Exchange after trading as high as $60.94. It wrapped Wednesday at $60.43, the highest settlement for front-month WTI prices since May 22.
International benchmark September Brent lost 49 cents, or 0.7%, at $66.52 a barrel on ICE Futures Europe, falling back after rallying by 4.4% Wednesday to $67.01—the highest settlement since May 29.
Source : Marketwatch