Crude oil futures ended lower on Thursday retreating from a nearly 14-year high hit earlier in the session. West Texas Intermediate crude futures, the US oil benchmark, traded as high as $116.57 per barrel, a price last seen on September 22, 2008. International benchmark Brent crude hit $119.84, the highest level since May 2012. Meanwhile, while concerns about supply disruptions due to the sanctions on the Russian refinery sector pushed up oil prices earlier in the day, speculation over a possible nuclear deal with Iran dragged down oil prices.
Benchmark crude oil futures for April delivery dropped $2.93 or 2.6 percent to settle at $107.67 a barrel on the New York Mercantile Exchange. Brent crude for May delivery declined $4.42 or 2.19 percent to settle at $110.46 a barrel on London's Intercontinental Exchange.