WASHINGTON (dpa-AFX) - U.S. Crude oil prices drifted lower on Thursday, retreating from a near 14-year high hit earlier in the session.
While concerns about supply disruptions due to the sanctions on Russian refinery sector pushed up oil prices earlier in the day, speculation over a possible nuclear deal with Iran dragged down oil prices.
West Texas Intermediate Crude oil futures for April ended down by 2.6% at $107.67 a barrel,after climbing to $116.57 a barrel, the highest price since September 22, 2008, amid concerns about supply disruptions following stringent sanctions on Russia.
Brent crude futures climbed to $119.84 a barrel, hitting a near 10-year high.
Oil prices rose earlier in the day as markets reacted to the latest round of sanctions by Washington on Russia's oil refining sector. The move raised concerns that Russian oil and gas exports could be targeted next.
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