WTI futures reverse course after Bloomberg report

Oil futures retreated in late afternoon trading following a report from Bloomberg, referencing 'sources', which indicated that Iran, Iraq and Indonesia had reservations regarding a proposed 4.5% production cut for all members - except only Libya and Nigeria.

As of 1633 GMT front month West Texas Intermediate crude oil futures were off by 0.83% to $47.83 per barrel on the NYMEX.