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US oil retreats from 2019 high as production soars

NEW YORK: US crude futures briefly hit a 2019 high on Friday but retreated along with benchmark Brent oil as worries about the global economy and robust US production put a brake on prices. West Texas Intermediate (WTI) crude oil futures were down 12 cents at $58.49 per barrel at 12:08 p.m. EDT (16:08 GMT), having hit their highest so far this year at $58.95. Brent crude futures were at $66.85 per barrel, down 38 cents from their last settlement, and below their 2019 peak of $68.14 reached on Thursday. US crude was on track to end the week 3.2 percent higher, and Brent was up 1.7 percent. “The market is taking a pause as it tries to digest mixed reports that give us different ideas of future supply and demand,” said Phil Flynn, an analyst at Price Futures group in Chicago. “The OPEC+ meeting could give us a little direction,” he said. The Organization of the Petroleum Exporting Countries and other oil producing countries, including Russia, who form OPEC+, agreed last year to cut production, partly in response to increased US shale output.



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