Oil futures eased on Thursday, surrendering some gains from the previous day as the surge in coronavirus cases and tighter economic restrictions around the globe stoked fears over slower fuel demand, outweighing upbeat vaccine news.
Brent crude futures shed 17 cents, or 0.4%, to $44.17 a barrel by 0345 GMT, after gaining 1.4% on the previous day. U.S. West Texas Intermediate crude CLc1 declined 29 cents, or 0.7%, to $41.53 a barrel, having risen nearly 1% on Wednesday, as reported by Reuters.
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OPEC+, comprising the Organization of the Petroleum Exporting Countries, Russia and other producers, is due to discuss policy at a full ministerial meeting to be held on Nov. 30 and Dec. 1.
Members of OPEC+ are leaning towards delaying the current plan to boost output in January by 2 million barrels per day (bpd), sources have said.