Oil settles lower, loses grip on $60 a barrel

U.S. benchmark oil prices settled below $60 a barrel on Thursday for the first time in three sessions, pressured by market worries over a global glut of crude supplies and indications that oil producers will continue to boost output.

Natural-gas prices, finished above $3 per million British thermal units after a smaller-than-expected weekly increase in U.S. inventories.

June crude CLM5, -0.27%  settled at $59.88 a barrel on the New York Mercantile Exchange, down 62 cents, or 1%.

On London’s ICE Futures exchange, June Brent crude LCOM5, -0.34% the global benchmark, ended down 22 cents, or 0.3%, a $66.59 a barrel. The June Brent contract expired Thursday.

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