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Oil prices retreat on EIA forecast

Xinhua, May 9, 2017 Adjust font size:

Oil prices dipped Tuesday as the Energy Information Administration (EIA) raised its U.S. oil production forecasts for both this year and the next.

The West Texas Intermediate for June delivery fell 0.55 U.S. dollar to settle at 45.88 dollars a barrel on the New York Mercantile Exchange, while Brent crude for July delivery decreased 0.61 dollar to close at 48.73 dollars a barrel on the London ICE Futures Exchange. Endit