20.03.201906:43:00UTC+00Oil Prices Ease On Trade Worries

Oil prices pulled back from four-month highs on Wednesday as trade worries re-emerged and the province of Alberta said it is further relaxing the production cap it imposed in January.

Alberta's provincial government expects to increase crude production limits by 25K bbl/day in May and another 25K bbl/day in June, allowing output totaling 3.71M bbl/day.

Global benchmark Brent crude dropped 0.15 percent to $67.52 a barrel after hitting its highest level since Nov. 16 at $68.20 a barrel on Tuesday.

U.S. West Texas Intermediate (WTI) crude futures were down 0.6 percent at $58.92 per barrel.

Amid conflicting reports over the progress of U.S.-China trade negotiations, it appears that any trade deal would not conclude this month. Brexit-related uncertainty also continued to worry investors.

Meanwhile, after API data showed a more than 2 million-barrel decline in U.S. crude supplies for the week ended March 15, investors now await the U.S. Energy Information Administration (EIA) report later in the session for further direction.