WASHINGTON (dpa-AFX) - Crude oil futures slipped from 5-month highs Thursday as traders booked profits from a strong recent rally.
With prices rising almost 10 percent over the past two weeks, there was little appetite for further investment in crude oil futures, particularly in light of the stubborn global supply glut.
A diplomatic argument between Turkey, Kurdistan and Iraq may limit production from that region, but OPEC is expected to pick up the slack.
Nov. WTI oil was down 58 cents, or 1.1%, to settle at $51.56/bbl
Yesterday, Shell's CEO said he expects oil will hold near $60 by the end of the decade.
In economic news, the Commerce Department said economic activity increased by slightly more than previously estimated in the second quarter.
The report said gross domestic product jumped by 3.1 percent in the second quarter compared to the previously estimated 3.0 percent growth. Economists had expected the pace of GDP growth to be unrevised.
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