Oil prices retreat on profit-taking

Crude prices started to climb in recent days amid the speculation that lower price began to curb the surplus supply.

Last week U.S. crude production decreased 20,000 barrels to 9. 384 million barrels a day, according to Energy Information Administration (EIA). U.S. crude inventories increased 1.3 million barrels to 483.7 million, 89.6 million barrels more than a year earlier, lower than expected.

Dropping U.S. rig count also added to signs that a free fall in crude prices forced U.S. shale oil producers to slow down the output.

The number of U.S. rigs actively drilling for oil and natural gas of the week ended April 17 fell 34 rigs to 954, said oil service company Baker Hughes Friday.

Concerns about Greece debt crisis also weighed on the market. Investors became increasingly nervous about the funding crisis in Greece as focus has been on Greek Finance Minister Yanis Varoufakis visit to meet IMF officials.

Light, sweet crude for May delivery lost 97 cents to settle at 55.74 dollars a barrel on the New York Mercantile Exchange,while Brent crude for June delivery moved down 53 cents to close at 63. 45 dollars a barrel.