U.S. oil price retreats after sharp gains

NEW YORK, May 22 (Xinhua) -- U.S. oil price decreased on Tuesday after rallying to the highest level in over three years in the earlier session.

The West Texas Intermediate(WTI) for June delivery decreased 0.11 U.S. dollar to settle at 72.13 dollars a barrel on the New York Mercantile Exchange, while Brent crude for July delivery was up 0.35 dollar to close at 79.57 dollars a barrel on the London ICE Futures Exchange.

WTI crude futures went down slightly in late trading after hitting 72.83 dollars a barrel, its highest since November 2014, as geopolitical worries continued to support the market.

Geopolitical concerns that U.S. sanctions on Iran could reduce the country's crude supplies have led oil prices to surge in recent weeks. The market is now weighing the possibility of additional U.S. sanctions on Venezuela following the country's presidential election.

Venezuelan President Nicolas Maduro on Sunday secured a second six-year term in the election. The United States is actively considering oil sanctions the South African country, where output has dropped by a third in two years to its lowest in decades. Enditem