Oil prices extend losses as OPEC+ uncertainty lingers | Reuters

Oil prices extend losses as OPEC+ uncertainty lingers | Reuters

Oil prices fell for a third day on Thursday amid uncertainty over supply after the collapse this week of talks among major producers which could potentially cause the current output agreement to be abandoned.

Brent crude oil futures slipped by 23 cents, or 0.3%, to $73.20 a barrel by 0644GMT, while U.S. West Texas Intermediate futures were down 33 cents, or 0.5%, at $71.87 a barrel.

Brent prices have fallen about 5% since Monday's close after talks between the Organization of the Petroleum Exporting Countries and its allies, including Russia, known as OPEC+, fell apart when de facto leader Saudi Arabia refused demands from the United Arab Emirates to raise its output under the group's supply cut agreement.

"The oil market is looking beyond the oil supply deficit in August and expecting the OPEC+ agreement to fall apart well before April 2022 when the agreement expires as other member countries will ask for further concessions to secure more market share," said Edward Moya, senior market analyst at OANDA.