Oil retreats from 2016 highs but posts 20% monthly gain

Oil futures pulled back from fresh yearly highs during the American session and settled slightly lower on Friday after a survey showed that OPEC production in April reached near-record highs. Nevertheless, WTI recorded a nearly 20% gain for the month.

West Texas Intermediate crude for June delivery fell 11 cents, or 0.2%, to settle at $45.92 a barrel on the New York Mercantile Exchange Friday. However, prices posted 19.8% gain in April extending its rally from multi-year lows struck mid-February.