Oil prices pulled back from four-month highs on Wednesday as trade worries re-emerged and the province of Alberta said it is further relaxing the production cap it imposed in January.
Alberta’s provincial government expects to increase crude production limits by 25K bbl/day in May and another 25K bbl/day in June, allowing output totaling 3.71M bbl/day.
Global benchmark Brent crude dropped 0.15 percent to $67.52 a barrel after hitting its highest level since Nov. 16 at $68.20 a barrel on Tuesday.
U.S. West Texas Intermediate (WTI) crude futures were down 0.6 percent at $58.92 per barrel.
Amid conflicting reports over the progress of U.S.-China trade negotiations, it appears that any trade deal would not conclude this month. Brexit-related uncertainty also continued to worry investors.
Meanwhile, after API data showed a more than 2 million-barrel decline in U.S. crude supplies for the week ended March 15, investors now await the U.S. Energy Information Administration (EIA) report later in the session for further direction.
The material has been provided by InstaForex Company – www.instaforex.com
Source:: Oil Prices Ease On Trade Worries