Oil prices recede

Oil prices pulled back Thursday morning, with U.S. prices failing to hold above $50 a barrel as a report from OPEC showed that crude production among the group’s members rose in July.
Natural-gas futures, meanwhile, headed sharply higher after U.S. government data revealed a smaller-than-expected weekly climb in domestic supplies of the fuel.     
September West Texas Intermediate crude shed 42 cents to $49.14 a barrel on the New York Mercantile Exchange, retreating from an earlier high of $50.22.  

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