Oil retreated from its highest close in almost three months after an industry report showed American crude inventories expanded last week, adding to concerns over weakening demand.

West Texas Intermediate for January delivery fell 32 cents, or 0.5%, to $58.92 a barrel on the New York Mercantile Exchange as of 9:29 a.m. in Singapore. The contract settled 22 cents higher at $59.24 on Tuesday, the highest close since Sept. 17.

Brent for February settlement dropped 0.6% to $63.94 a barrel on the London-based ICE Futures Europe Exchange. The global benchmark crude traded at a $5.12 premium to WTI for the same month.

Source : Bloomberg