Oil trims gains, but holds above $50/bbl

Oil prices retreated from 11-month highs on Thursday as investors took profit following three consecutive days of gains.

West Texas Intermediate for July delivery pulled back from a high of $51.67 a barrel and closed 1.3% lower at $50.66 a barrel on Nymex. On Wednesday, WTI front month contract closed above $51/bbl for first time since July 2015.

WTI and Brent have both risen around 90% since bottoming at decade lows in February,  buoyed by output disruptions, falling US inventories and fading expectations of a rate hike by the Fed.