Oil prices retreat on rising U.S. output

NEW YORK, July 17 (Xinhua) -- Oil prices retreated on Monday as investors worried about climbing U.S. crude production.

The West Texas Intermediate for August Delivery lost 0.52 U.S. 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. Enditem