Oil prices retreat from 3-month highs

New York, U.S. | Xinhua | Oil prices fell on Thursday after hitting their highest levels in three months in the prior session.

The West Texas Intermediate (WTI) for July delivery lost 60 cents, or 0.5 percent, to settle at 121.51 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for August delivery decreased 51 cents, or 0.4 percent, to close at 123.07 dollars a barrel on the London ICE Futures Exchange.

On Wednesday, both the WTI and Brent ended at their highest since March 8.

Traders continued to digest the weekly U.S. fuel inventory data.

The U.S. Energy Information Administration (EIA) reported Wednesday that the nation’s crude oil inventories increased by 2 million barrels in the week ending June 3. Analysts polled by S&P Global Commodity Insights had expected U.S. crude stocks to show a fall of 2.9 million barrels.

According to the EIA, total motor gasoline inventories decreased by 800,000 barrels last week, while distillate fuel inventories increased by 2.6 million barrels.

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Xinhua