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Oil prices retreat on profit taking

Xinhua, March 11, 2016 Adjust font size:

Oil prices retreated Thursday on profit taking after the rally of the previous day.

The West Texas Intermediate for April delivery moved down 45 cents to settle at 37.84 dollars a barrel on the New York Mercantile Exchange, while Brent crude for May delivery decreased 1.02 dollars to close at 40.05 dollars a barrel on the London ICE Futures Exchange.

Oil prices surged Wednesday as government agency report showed U.S. gasoline inventories dropped more than expected.

U.S. gasoline supplies of last week lost 4.5 million barrels, beating market forecast for a drop of 1.5 million, according to the weekly report of the Energy Information Administration (EIA) released Wednesday.

EIA also pointed out that domestic oil production has generally declined month to month since reaching a 44-year peak of almost 9.7 million barrels per day in April 2015. Endit