Oil pulls back from multi-month highs

Oil prices retreated from multi-month highs on Monday and settled at its lowest level in a week as disruption concerns eased, reshifting focus on the global supply glut.

West Texas Intermediate crude for July delivery settled at at $48.13, down 0.28 or 0.58% on the session, having hit a low of $47.41 a barrel on the New York Mercantile Exchange. July Brent crude on London’s ICE Futures exchange lost 37 cents, or 0.8%, to $48.35 a barrel.