Crude prices retreat as supply worries ebb

Oil prices lost Monday as concerns ebbed that massive wildfire could disrupt Canada oil production.

It is reported that wind changed the direction and moved the wildfire away from oil city Fort McMurray in western Canada. Last week several oil production companies including Suncor Energy, Shell and Husky in this area have shut plants or reduced production.

Saudi Arabia announced Sunday that the country dismissed its 80-year-old oil minister Ali al-Naimi, who has served since 1995. He will be succeeded by Khalid al-Falih, the chairman of state oil company Saudi Arabian Oil.

"Saudi Arabia will maintain its stable petroleum policies. We remain committed to maintaining our role in international energy markets and strengthening our position as the world's most reliable supplier of energy," Al-Falih said in a statement on Sunday.

The West Texas Intermediate for June delivery moved down 1.22 U.S. dollars to settle at 43.44 dollars a barrel on the New York Mercantile Exchange, while Brent crude for July delivery decreased 1.74 dollars to close at 43.63 dollars a barrel on the London ICE Futures Exchange.