Oil prices retreat

Singapore
Oil prices fell in Asia Friday as investors locked in profits following a six-day rally, with a rise in OPEC´s output in March also adding to downward pressure, analysts said.
US benchmark West Texas Intermediate (WTI) for May delivery dipped 52 cents to $56.19 and Brent crude for June eased 51 cents to $63.47 in afternoon trade.
“After a sustained increase in both the WTI and Brent over the past week, traders are selling... and this has led to the downward pressure in prices we see today,” said Daniel Ang, an investment analyst at Phillip Futures in Singapore. Prices rose for the sixth day running on Thursday — with WTI hitting its highest level since December — on news that US shale output, which has contributed to a global supply glut, may be on the cusp of easing.
But Ang said the oversupply was unlikely to end soon due to strong production levels by the Organization of the Petroleum Exporting Countries (OPEC).