Oil prices drop as traders assess supply risks

NEW YORK, March 24 (Xinhua) -- Oil prices retreated on Thursday after a surge in the prior session as market participants weighed supply risks.

The West Texas Intermediate for May delivery lost 2.59 U.S. dollars, or 2.3 percent, to settle at 112.34 dollars a barrel on the New York Mercantile Exchange. Brent crude for May delivery decreased 2.57 dollars, or 2.1 percent, to close at 119.03 dollars a barrel on the London ICE Futures Exchange.