Oil prices retreated on Thursday amid profit-taking after sharp gains.
The West Texas Intermediate for May delivery moved down 49 cents to settle at $37.26 a barrel on the New York Mercantile Exchange, while Brent crude for June delivery increased 41 cents to close at $39.43 a barrel on the London ICE Futures Exchange, Xinhua news agency reported.
Crude prices surged on Wednesday as US crude stockpiles contracted surprisingly.
US crude supplies of last week dropped 4.9 million barrels to 529.9 million barrels, 47.5 million barrels more than one year before, according to the Energy Information Administration (EIA)'s weekly report released Wednesday.
Crude production of the country lost 14,000 to 9.008 million barrels a day last week, according to EIA.
Traders stayed cautiously ahead of the upcoming meeting of producers on April 17 in Doha, the capital of Qatar, to discuss the output freeze.
Kuwait OPEC Governor Nawal al-Fezaia said on Tuesday that major oil producing countries can reach an agreement for a production freeze even if Iran does not join the action.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app