Oil prices fall as market awaits G20, OPEC


Oil prices fall as market awaits G20, OPEC

Oil fell on Thursday, erasing some of the previous session’s strong gains, as traders eye the G20 summit in Japan and a meeting of OPEC and other oil producers to decide on an extension of output cuts.

Brent crude futures were down 44 cents, or 0.7%, at $66.05 by 0059 GMT. U.S. West Texas Intermediate (WTI) crude futures were down 41 cents, or 0.7%, at $58.97.

Oil prices rose more than 2% on Wednesday and hit their highest in about a month, buoyed by U.S. government data showing a larger-than-expected drawdown in crude stocks as exports hit a record high and surprise drops in refined product stockpiles.

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. Read More

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