New York, April 14 (IANS) Oil prices retreated on Wednesday amid profit-taking after sharp gains.

Oil prices rallied on Tuesday as Saudi Arabia and Russia reached a consensus to cap the crude production during talks between the two nations, Xinhua news agency reported.

Crude production of the US lost 31,000 barrels to 8.977 million barrels a day last week, according to the weekly report released by the Energy Information Administration (EIA) Wednesday.

The US crude supplies gained 6.6 million barrels to 536.5 million barrels last week, 52.8 million barrels more than one year before, the EIA said.

The West Texas Intermediate for May delivery moved down 41 cents to settle at $41.76 a barrel on the New York Mercantile Exchange, while Brent crude for June delivery decreased 51 cents to close at $44.18 a barrel on the London ICE Futures Exchange.