Oil prices retreated from highs

Oil prices fell from their highest level in five weeks, during Asian trading Wednesday, with analysts ' doubts about the successful outcome of the talks for producers to curb a glut in supply.
It fell Brent contracts for earliest maturity of 29 cents , or about 0.59 percent to $ 48.94 a barrel, by at 01:40 GMT.
Despite this decline, the global measurement ore prices are still high and more than 17 percent since early August, and remains far from its highest level in five weeks of $ 49.36 per barrel recorded in the previous session.
American Brent crude contracts for West Texas Intermediate also fell 19 cents , or 0.41 percent , to $ 46.39 a barrel, but remain high at about 18 percent from their levels in early August.
Traders attributed the decline to profit - taking, following strong gains in prices recently to doubts that any talks for producers to curb oversupply will be successful.
Sources said the Organization of Petroleum Exporting Countries "OPEC" for Reuters, said the organization is likely to resume talks on a freeze on production levels when it meets with the producers outside OPEC next month , referring to Saudi Arabia 's desire to higher prices.