Oil prices edged lower in muted trading on Thursday ahead of the start of OPEC meetings later in the day, steadying after the previous session’s steep gains on a sharp drop in US crude inventories and expectations of more output cuts.
Brent crude futures dipped 10 cents, or 0.2 per cent, to $62.90 a barrel by 0112 GMT. Brent surged 3.6 per cent on Wednesday. West Texas Intermediate (WTI) crude futures fell 22 cents, or 0.4 per cent, to $58.21 a barrel. They settled up 4.2 per cent on Wednesday.
Prices are now back roughly to the levels of a week ago, before they plunged on a lack of progress on resolving a 17-month-old US-China trade war that has hit global growth and demand for oil.
