1st LD Writethru: U.S. oil price retreats amid supply glut worries

U.S. oil price lost slightly Friday as worries persisted that global supply would surpass demand.

Last week U.S. crude production gained 15,000 barrels to 9.604 million barrels a day, Energy Information Administration (EIA) said Wednesday in its weekly report. The high level domestic crude output dragged the market down.

On the economic front, U.S. personal income went up 79 billion U.S. dollars, or 0.5 percent, and disposable personal income rose 65.5 billion dollars, in May, said the Department of Commerce Thursday.

Personal consumption expenditures soared 105.9 billion dollars, or 0.9 percent, in May, the largest gain in nearly six years. U.S. is the top consumer of crude, this data helped to support the market.

Traders are eyeing the progress of Greece debt crisis. Eurozone finance ministers met earlier on Thursday for their fourth meeting in a week, attempting once again to strike a deal on a package of Greek economic reforms to unlock bailout funds for Athens. Hopes of a breakthrough dimmed again when the ministers' meeting ended abruptly again.

The West Texas Intermediate for August delivery moved down 7 cents to settle at 59.63 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for August delivery increased 6 cents to close at 63.26 dollars a barrel on the London ICE Future Exchange. Endite