Brent oil fell 32 cents, to settle at $72.58 per barrel, previously reaching a session high of $73.79.
With the record refinery throughput, USA petroleum inventories held steady as an accumulation of refined product stocks more than offset the drawdown in crude oil stocks. Ultimately, the price hike serves the interest of oil-dependent economies like Saudi Arabia, Russia and Iraq, especially since they can serve as substitutes for Iranian oil.
However, they can only alter their yield by a few percent, particularly because refiners are flush with light USA crude that produces gasoline-friendly naphtha, Rogers said.
-China trade war and the specter of mounting supplies from Saudi Arabia, the USA and Libya triggered concern about renewed oversupply.
Earlier in the trading day, the USA dollar hit its highest level against a basket of other currencies since July 2017, up half a percent on the day.
Futures rose as much as 2.1% in NY on Thursday, reversing early-morning losses.
"Refinery utilization rates in the United States have been kept at nearly full capacity and it will gradually fall with planned maintenance, which will lead to a build-up in overall crude stockpiles, while gasoline and distillate inventories shrink", Lim Jaekyun, a commodities analyst at KB Securities, said by phone in Seoul. "Escalating trade tensions between the USA and China will also be conducive to more US oil coming to the Indian market".
U.S. petrol inventories dropped by 3.2-million barrels last week, while distillate stockpiles, which include diesel and heating oil, declined by 371,000 barrels, the Energy Information Administration said.
When Russian leader Vladimir Putin addressed the media in Helsinki alongside President Donald Trump, he proposed that their countries "work together" to make oil and gas markets calmer.
In 2017, Turkey imported 24.9 million tons of crude oil in total, mainly from Iran (almost 50 percent) and the rest from Iraq, Russia, Kuwait and Saudi Arabia.
"The handful of comments from the Saudis" boosted prices, said Bob Yawger, director of futures at Mizuho Securities USA Inc.in NY.
Goldman still thinks that Brent could retest the $80 a barrel market, but only late this year, instead of in the summer, depending on USA oil policies.
US crude oil production hit 11 million barrels per day, and the US Energy Information Administration (EIA) showed that American crude oil stocks rose by 5.8 million barrels in the previous week, and net crude imports into the US also lifted by 2.2 million per day.
"The big news. was that US Treasury Secretary Steve Mnuchin said the US wants everyone to go to zero Iranian imports but that exemptions could be made for those who can´t get there by the deadline", said AxiTrader chief market strategist Greg McKenna in a note to clients.