NEW YORK, May 24 (Xinhua) -- Oil prices snapped a five-day winning streak to settle lower Wednesday, as investors were looking for excuses to lock in gains after recent solid gains.
Optimism regarding the crude out-put deal has helped oil prices rebound about five percent over the past five sessions. Traders became cautious after recent sharp rally, as the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC oil producers are going to meet in Vienna, Austria, on Thursday.
However, it is widely expected that the deal will be extended, with the only real questions being for how long and whether cuts will be more severe.
Meanwhile, The U.S. Energy Information Administration (EIA) said in its weekly report Wednesday that U.S. crude inventories fell by 4.4 million barrels last week, extending its losing streak to a seventh straight week.
The West Texas Intermediate for July delivery decreased 0.11 U.S. dollar to settle at 51.36 dollars a barrel on the New York Mercantile Exchange, while Brent crude for July delivery dipped 0.19 dollar to close at 53.96 dollars a barrel on the London ICE Futures Exchange.
