Oil Prices Retreat From Six-week High

By Myra P. Saefong Markets MarketWatch Pulse

Oil finished lower Thursday, pulling back after a bigger-than-expected weekly drop in U.S. crude supplies sent prices to a six-week high a day earlier. Traders continued to fret over rising output from the U.S., Libya and Nigeria, ahead of a meeting of major oil producers set for Monday in Russia. August WTI crude , which expired at the day's settlement, lost 33 cents, or 0.7%, to settle $46.79 a barrel on the New York Mercantile Exchange. September WTI oil, the new front-month contract, settled at $46.92, down 40 cents, or 0.9%.

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