Oil prices today globally
Oil prices today globally

Oil prices were lowered in quiet trade ahead of OPEC talks in Vienna later on Thursday, trimming some of the big gains made in the previous session on the possibility of producers agreeing to further cut production and a sharp drop in US crude inventories.

Brent crude futures fell 10 cents, or 0.2 percent, to $ 62.90 a barrel by 05:47 GMT, and Brent rose 3.6 percent on Wednesday.

US West Texas Intermediate crude futures fell 22 cents, or 0.4 percent, to $ 58.21 a barrel. It was up 4.2 percent on Wednesday.

On the other hand, prices are now almost back to their levels a week ago, before retreating due to lack of progress in ending the 17-month trade war between China and the United States, which has affected global growth and demand for oil.

Oil prices today globally

Investors' attention has shifted to meetings of the Organization of the Petroleum Exporting Countries and other producers, including Russia, and the prospect of further production cuts.

Oil prices rose on Wednesday after US inventories fell more than expected, according to official figures.

The US Energy Information Administration said Wednesday that crude inventories in the United States fell 4.9 million barrels last week, compared to expectations for a decline of 1.9 million barrels in a Reuters poll.