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NEW YORK, July 17 (Xinhua) -- Oil prices retreated on Monday as investors worried about climbing U.S. crude production.
Oil production in several U.S. shale oil regions will grow by 113,000 barrels a day, the U.S. Energy Information Administration forecast on Monday.
Analysts said the climbing U.S. output led investors to worry that effort led by Organization of the Petroleum Exporting Countries to drain a glut might not be effective enough.
The West Texas Intermediate for August Delivery lost 0.52 dollar to settle at 46.02 dollars a barrel on the New York Mercantile Exchange, while Brent crude for September delivery erased 0.49 dollar to close at 48.42 dollars a barrel on the London ICE Futures Exchange.
