Oil prices retreat amid rising U.S. crude production
Xinhua,March 23, 2018 Adjust font size:
NEW YORK, March 22 (Xinhua) -- Oil prices declined on Thursday after official data showed that U.S. crude output continued to increase.
U.S. crude production was up by 26,000 barrels a day to 10.407 million barrels a day last week, marking a new weekly record, the Energy Information Administration (EIA) reported on Wednesday.
Traders were also looking for excuses to book in profits after recent solid gains.
Oil prices have risen about 10 percent in the past two weeks, boosted by a weaker U.S. dollar and tensions between Iran and Saudi Arabia that raised concerns about Middle East crude supplies.
The West Texas Intermediate for May delivery fell 0.87 U.S. dollar to settle at 64.30 dollars a barrel on the New York Mercantile Exchange, while Brent crude for May delivery lost 0.56 dollar to close at 68.91 dollars a barrel on the London ICE Futures Exchange. Enditem