Oil prices fall on world markets ahead of OPEC talks


Shafaq News/ Oil prices eased in quiet trade ahead of OPEC talks in Vienna later on Thursday, trimming some of the big gains made in the previous session on the possibility of producers agreeing to further production cuts and a sharp decline in U.S. crude stocks.

Brent crude futures were down 10 cents, or 0.2 percent, at $ 62.90 a barrel by 0547 GMT. Brent climbed 3.6 percent on Wednesday.

U.S. West Texas Intermediate (WTI) crude futures were down 22 cents, or 0.4 percent, at $ 58.21 a barrel. It rose 4.2 percent on Wednesday.


Prices are now back almost back to their levels a week ago, before easing on the lack of progress in ending the 17-month trade war between China and the United States that has affected global growth and the oil demand.

Investors' attention has shifted to meetings of the Organization of the Petroleum Exporting Countries and other producers, including Russia, and the prospect of further production cuts.

Oil prices rose on Wednesday after U.S. inventories fell more than expected, according to official figures.

The U.S. Energy Information Administration said on Wednesday that crude inventories in the United States fell 4.9 million barrels last week, compared to expectations for a decline of 1.9 million barrels in a Reuters poll.

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