Brent turns lower, heads towards $57 as supply glut fears prevail

Brent crude futures retreated from early highs above $58/bbl and fell towards $57/bbl on Friday as an abundance of oil erased earlier support drawn from a larger-than-expected fall in US crude stocks. US crude inventories fell by 1.8-million barrels in the last week as refineries raised production, compared with analysts' expectations of a decrease of 67 000 bbl.