The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, have been cutting output since May by 9.7 million barrels per day, or 10% of global supply, after the virus destroyed a third of global demand.
Brent crude fell 29 cents, or 0.7%, to $42.95 a barrel by 0510 GMT while U.S. West Texas Intermediate crude was at $40.25 a barrel, down 30 cents, or 0.7%.
Brent crude fell 35 cents, or 0.8%, to $43.44 a barrel while West Texas Intermediate (WTI) crude was down 49 cents, or 1.2%, to $40.47 per barrel.
Oil prices jumped by around 8% on Tuesday a day after the biggest rout in nearly 30 years as investors eyed the possibility of economic stimulus and Russia signalled that talks with Opec remained possible.
Saudi Arabia’s energy ministry has directed oil producer Saudi Aramco to raise its output capacity to 13 million from 12 million barrels per day (bpd), CEO Amin Nasser said
Brent oil prices rose on Wednesday on expectations that major producers have moved closer to an agreement to enact deeper output cuts aimed at offsetting
Opec agreed on Thursday to cut oil output by an extra 1.5 million barrels per day (bpd) in the second quarter of 2020 to support prices that have been hit by the coronavirus outbreak, but made its action conditional on Russia and others joining in.
Brent crude was down 26 cents or 0.6% at $45.17 a barrel by 0647 GMT, after a gain of around 2% in the previous session. West Texas Intermediate oil also lost 0.6%, a 25 cent decline to $42.42 a barrel which followed a climb of 2.6% on Wednesday.
Brent crude was up 14 cents, or 0.3%, at $45.10 by 0550 GMT, heading for a gain of about 1.6% this week. West Texas Intermediate had gained 11 cents, or 0.3%, to $42.35. The US benchmark is heading for a gain of nearly 3% this week.
Brent crude futures fell 40 cents, or 0.9%, to $45.06 a barrel by 0701 GMT, having edged up 9 cents on Tuesday. US West Texas Intermediate (WTI) crude futures were down 34 cents, or 0.8%, at $42.55 a barrel, having ended unchanged the previous day.