Oil Retreats On Concerns About OPEC Oversupply

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Oil prices fell on Thursday, as cautious buying dried up after U.S. crude rose to near $50 a barrel, with concern about high crude supplies from producer club OPEC offsetting the previous day's data showing record U.S. gasoline demand. Benchmark Brent crude settled down 35 cents a barrel at $52.01 a barrel. U.S. light crude was 56 cents lower at $49.03. U.S. crude traded at a session high of $49.96 a barrel.

OPEC crude oil exports rose to a record high in July, driven largely by soaring exports from the group's African members, according. U.S. light crude has remained below $50 a barrel, capped by robust domestic supplies.

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