Mubasher: Oil futures settled down on Thursday after recording gains for seven successive sessions.

April Nymex WTI declined $0.20, or 0.4%, to close at $56.96 per barrel.

Oil losses were kept at bay by the output cut agreed upon by members and allies of the Organization of the Petroleum Exporting Countries (OPEC) and the shortage in both Venezuelan and Iranian supplies due to the US sanctions on both counties.