Oil falls from one-month high on OPEC+ supply plans, US fuel inventory surge
Oil prices lost ground on Thursday, easing from their highest levels in more than a month as OPEC+ producers stuck to a plan to boost production and US fuel stockpiles surged amid declining demand.
The global benchmark Brent crude futures fell 87 cents, or 1.08 per cent, to $79.93 a barrel, as of 0154 GMT. US West Texas Intermediate (WTI) crude futures lost 62 cents, or 0.8 per cent, to $77.23 a barrel.
On Wednesday, both contracts climbed to their highest since late November.
OPEC+, a group that includes members of the Organization of the Petroleum Exporting Countries, Russia and other producers, agreed on Tuesday to add another 400,000 barrels per day (bpd) of supply in February, as it has done each month since August.
