Oil prices retreat from their highest levels since June due to weak market

Twilight News / Oil prices fell in futures on Thursday after Saudi Arabia reduced the price of the main Arab Light crude to Asia, but prices are still near their highest levels in more than three months after a drop in US crude inventories.
It was futures trading for WTI US mediator at $ 49.55 a barrel by 0544 GMT, the low 28 cents, or about 0.6 percent from the last adjustment. And it decreased crude futures for International benchmark Brent 28 cents, or about 0.5 percent to $ 51.58 a barrel. The futures rose to Khaman to their highest levels since June on Wednesday after the US Energy Information Administration said crude inventories fell three million barrels last week to $ 499.74 million barrels. Despite the decline, the stock is still near all-time highs. Traders noted the operations to profit-taking selling after the price rise recently and said that falling prices on Thursday, reflecting the weakness in the spot market after Saudi Arabia reduced largest oil exporter Arabian light crude to customers Asia in November, signaling that the glut of global fuel supplies remain. Jeffrey said Haley chief market analyst at Luanda brokerage in Singapore It's near the price of $ 50 for a barrel of WTI US mediator, the shale oil producers Americans who have spent most of the year, cutting back their production is not profitable because of lower oil prices may begin to restart drilling rigs currently suspended from work .