Oil prices dropped on Thursday on doubts over the ability of crude producers to agree to extend record output cuts, heightened by worries over a build in U.S. fuel inventories.
Brent crude LCOc1 futures eased by 29 cents to $39.50 a barrel by 0839 GMT, heading for its first fall in six sessions. U.S. West Texas Intermediate crude CLc1 futures dropped 53 cents to $36.76.
But they failed to agree on holding an OPEC+ meeting on Thursday to discuss the cuts, with OPEC sources saying it would be conditional a deepening of cuts by countries that have not complied with their targets so far. “Whilst the production group’s laggards were given two more weeks to prove that they are willing to share the burden that comes with lower output levels, the market was given the same amount of time to keep pondering. One thing that is guaranteed for the next few weeks is volatility,” PVM analysts said.
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