Crude oil futures settled lower on Thursday after reversing off multi-week highs amid profit-taking and nagging worries about supply overhang. Market focus shifted to domestic crude production that climbed 32,000 bbl to a fresh two-year high of 9.429 million bbl last week. In addition, US demand was mixed, with data showing gasoline falling 194,000 bpd last week, while distillate demand spiked 476,000 bpd on the week and up 10.6% higher year-over-year. 

Overseas, supply continues to rise in Libya and Nigeria, while Iraq plans to increase its output by the end of this year despite the fact that Iraq is part of an ongoing OPEC agreement to cut output by 1.2 million bpd through March 2018. Benchmark crude oil futures for August delivery declined by $0.33 or 0.7 percent to $46.79 on the New York Mercantile Exchange. In London, Brent crude for August delivery ended lower by 0.93 percent at $49.23 a barrel on the ICE.

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