Oil fell on Thursday, erasing some of the previous session's strong gains, ...
TOKYO - Oil fell on Thursday, erasing some of the previous session’s strong gains, as traders await the G20 summit in Japan and a meeting of OPEC and other oil producers to decide on an extension of output cuts.
However, traders said concerns that a hoped-for breakthrough on trade at the G20 may not eventuate and some nervousness about continued output cuts were crimping follow-through buying. Trump said on Wednesday that a deal was possible but also spoke of a Plan B that would involve reducing business ties with China.
The day after that OPEC members meet with other producers including Russia in a grouping known as OPEC+, which agreed in December to reduce supply by 1.2 million barrels per day from Jan. 1. The agreement is due to expire on June 30.
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