Oil drops on U.S. inventories and doubts over output cuts - Reuters

Oil drops on U.S. inventories and doubts over output cuts - Reuters:

Oil prices dropped on Thursday on doubts over the ability of crude producers to agree to extend record output cuts, heightened by worries over a build in U.S. fuel inventories.

Brent crude LCOc1 futures were down 19 cents to $39.60 a barrel at 1211 GMT, heading for their first fall in six sessions. U.S. West Texas Intermediate (WTI) crude CLc1 futures dropped 40 cents to $36.89.

Saudi Arabia and Russia, two of the world’s biggest oil producers, have agreed to support an extension into July of the 9.7 million barrels per day (bpd) supply cuts backed in April by the OPEC+ group, comprising the Organization of the Petroleum Exporting Countries and other major producers.