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Oil prices retreat on profit-taking

Xinhua, May 17, 2017 Adjust font size:

Oil prices snapped a four-day winning streak to settle lower Tuesday as traders were looking for excuses to lock in gains after recent sharp rally.

On Monday, oil prices rose for a fourth straight session, with both U.S. oil and Brent crude surging over six percent in the past four sessions, as Saudi Arabia and Russia said crude supply cut deal needed to be extended into 2018.

Kuwait's Oil Minister Essam al-Marzouq said on Tuesday he supported a supply cut extension until the end of March 2018, echoing suggestions from top producers Saudi Arabia and Russia on Monday, according to media reports.

Investors also kept a close eye on U.S. crude stockpile data, which is scheduled for release by the Energy Information Administration Wednesday.

The West Texas Intermediate for June delivery lost 0.19 U.S. dollar to settle at 48.66 dollars a barrel on the New York Mercantile Exchange, while Brent crude for July delivery erased 0.17 dollar to close at 51.65 dollars a barrel on the London ICE Futures Exchange. Endit