TOKYO- Oil prices fell on Thursday as producers including Saudi Arabia and Russia locked horns over the need to extend record production cuts set in place in the first wave of the COVID-19 pandemic.
Brent crude was down 15 cents, or 0.3 percent, at $48.10 a barrel after gaining 1.8 percent on Wednesday. US oil was down 17 cents, or 0.4 percent, at $45.11 a barrel, having ended 1.6 percent higher the previous session.
The Organization of the Petroleum Exporting Countries (OPEC) and Russia are resuming discussions on Thursday to agree on policies for 2021 after earlier talks produced no compromise on how to tackle weak oil demand amid a new coronavirus wave.
OPEC and allies, in the group known as OPEC+, had been widely expected to roll over oil cuts of 7.7 million barrels per day, or 8 percent of global supplies, at least until March 2021.