Oil eases from 4-month high on global growth worries

Oil prices edged lower on Thursday, retreating from a four-month peak, as fears of a slowing global economy weighed on market sentiment.

US West Texas Intermediate (WTI) crude futures were at $60.16 per barrel at 0040 GMT, down 7 cents, or 0.1 per cent, from their last settlement. WTI had earlier hit a high of $60.19 a barrel - the highest since November 12.

International Brent crude oil futures were at $68.47 a barrel, down 3 cents from their last close. Brent touched $68.57 a barrel on Wednesday, its highest since November 13.

The losses came amid worries over global economic growth after the US Federal Reserve highlighted signs of a slowing economy.

Markets have been underpinned, however, by efforts led by the Organisation of the Petroleum Exporting Countries (OPEC) to curb supply, and losses were checked as widely watched US data showed supplies were tightening.

“Oil markets appear convinced that the continued effects of Saudi Arabia oil production cuts and falling exports to the US will continue to outweigh concerns of rising US production,” said Alfonso Esparza, senior market analyst at brokerage, OANDA.

US crude oil stockpiles last week fell by nearly 10 million barrels, the most since July, boosted by strong export and refining demand, the Energy Information Administration said on Wednesday.

Stockpiles fell 9.6 million barrels, compared with analysts' expectations for an increase of 309,000 barrels. The draw brought stockpiles to their lowest since January.

Gasoline and distillate inventories both fell by more than expected. Gasoline stocks fell by 4.6 million barrels, while distillate inventories fell by 4.1 million barrels.

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