Oil falls over 1%; extends losses as investors brace for more supplies

SINGAPORE (Reuters) – Oil prices fell more than 1% on Thursday, extending losses as investors braced for more supplies following a compromise between top OPEC producers and as U.S. fuel stocks rose, raising concerns about demand in the world’s largest consumer.

Brent crude futures for September dropped 91 cents, or 1.2%, to $73.85 a barrel by 0158 GMT while U.S. West Texas Intermediate (WTI) crude for August was at $72.21 a barrel, down 92 cents, or 1.3%.

Both benchmarks slid more than 2% on Wednesday after Reuters reported that Saudi Arabia and the UAE reached a compromise that should pave the way for a deal to supply more crude to a tight oil market and cool soaring prices.