"U.S. Crude Retreats from Three-Month High as Oil Market Tightens"
U.S. crude oil futures retreated more than 1% after reaching a three-month high last week, with the West Texas Intermediate contract for March dropping to $78.18 a barrel and the Brent contract for April falling to $82.40 a barrel. The pullback was attributed to profit-taking by traders and pressure on heating oil and gasoil contracts from declining natural gas prices. The market had previously rallied due to the conflict in the Middle East and ongoing threats to commercial vessels in the Red Sea, despite concerns about inflation and a bearish demand forecast.
