Oil retreats after failing to hit US$70/barrel

As it stated in Oil prices fell on Thursday as investors took profits after this week's rally and as US stock markets fell, but losses were limited by the continuing efforts of Opec and its allies to curb supplies. [NEW YORK] Oil prices fell on Thursday as investors took profits after this week's rally and as US stock markets fell, but losses were limited by the continuing efforts of Opec and its allies to curb supplies. US West Texas Intermediate (WTI) crude futures fell 87 cents to settle at US$64.30 a barrel, a 1.3 per cent loss. Oil prices have risen in the past two weeks, boosted by a weaker US dollar and tensions between Iran and Saudi Arabia that raised concern about Middle East supplies already restricted by an Opec-led production pact. A drop in US equities on Thursday also weighed on oil prices as US President Donald Trump signed a presidential memorandum on Thursday that could impose tariffs on up to US$60 billion of imports from China.

UPDATE 10-Oil retreats after failing to hit $70/barrel

Brent crude LCOc1 futures fell 56 cents to settle at$68.91 a barrel, a 0.8 percent loss, having retreated from asession peak of $69.70, close to its highest level since earlyFebruary. Oil prices have risen in the past two weeks, boosted by aweaker U.S. dollar and tensions between Iran and Saudi Arabiathat raised concern about Middle East supplies alreadyrestricted by an OPEC-led production pact. Prices recorded their biggest one-day gain since November onWednesday after an unexpected drop in U.S. crude inventories. U.S. crude's discount to Brent WTCLc1-LCOc1 widened to asmuch as $4.65 a barrel on Thursday, its biggest discount sincelate January. <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ GRAPHIC: U.S. crude oil production and inventories http://reut.rs/2psNxHU Options traders turn bullish on Brent crude http://reut.rs/2GgdjcT ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>(Additional reporting by Amanda Cooper in London and HenningGloystein in Singapore; editing by Marguerita Choy and CynthiaOsterman) (( Stephanie.Kelly@thomsonreuters.com ; +1-646-223-4471; ReutersMessaging: stephanie.kelly.thomsonreuters.com@reuters.net ))

Oil retreats after failing to hit $70/barrel

As it stated in NEW YORK (Reuters) - Oil prices fell on Thursday as investors took profits after this week's rally and as U.S. stock markets fell, but losses were limited by the continuing efforts of OPEC and its allies to curb supplies. U.S. West Texas Intermediate (WTI) crude CLc1 futures fell 87 cents to settle at $64.30 a barrel, a 1.3 percent loss. A drop in U.S. equities on Thursday also weighed on oil prices as U.S. President Donald Trump signed a presidential memorandum on Thursday that could impose tariffs on up to $60 billion of imports from China. Call options to buy oil at $80 a barrel by the end of next month have changed hands more often in the past week than options at any other price level. crude oil production and inventories' click reut.rs/2psNxHU)U.S. crude's discount to Brent WTCLc1-LCOc1 widened to as much as $4.65 a barrel on Thursday, its biggest discount since late January.

collected by :Victor Alphen