Oil prices retreat on oversupply concerns

NEW YORK, June 19 (Xinhua) -- Oil prices settled lower Monday as worries about a global supply glut weighed on the market.

The West Texas Intermediate for July delivery decreased 0.54 U.S. dollar to settle at 44.20 dollars a barrel on the New York Mercantile Exchange, while Brent crude for August delivery dipped 0.46 dollar to close at 46.91 dollars a barrel on the London ICE Futures Exchange. Enditem