Oil prices edged lower on Thursday, retreating from the previous session’s multi-month highs, with investors taking profits as demand caution remained in focus despite last week’s decline in US inventories.

Brent crude futures LCOc1 were down 40 cents, or 0.46 per cent, at $86.94 a barrel by 1105 GMT while US West Texas Intermediate (WTI) crude futures CLc1 fell 44 cents, or 0.52pc, to $83.44 in trade thinned by the US Independence Day holiday.

In the previous session,........

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