NEW YORK: Oil prices eased on Thursday, retreating from the previous session`s seven-week high, as new US economic data tempered optimism around further interest rate cuts.

Brent futures were down 25 cents, or 0.36pc, at $69.06 a barrel by 12:24pm EDT (1624 GMT). US West Texas Intermediate futures lost 33 cents, or 0.51pc, to $64.66.

Both benchmarks gained 2.5pc on Wednesday to reach their highest since August 1, driven by a surprise drop in US weekly crude inventories and concerns that Ukraine`s attacks on Russia`s energy infrastructure could disrupt supplies.

US gross domestic product increased at an upwardly revised 3.8pc annualised rate last quarter, the Commerce Department`s Bureau of Economic Analysis said in its latest estimate on Thursday. `The initial reaction on that was a sell-off,` said Phil Flynn, a senior analyst at Price Futures Group.-Reuters