Oil prices lower inch lower, G20, OPEC in focus

By Jeff Davies

Crude prices traded in the red on Thursday, erasing previous session gains as investors look ahead to the G20 summit in Osaka.

Oil rose over 2% on Wednesday following news of a larger-than-expected drawdown in United States crude stockpiles reported by the Energy Information Administration (EIA).

Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) and allies are set to meet next week in Vienna to decide on another production cut extension.

Brent futures for September deliveries lost 0.61% at 2:28 am GMT to go for $65.30 per barrel, while West Texas Intermediate futures for the same month fell 0.62% to $59.06 a barrel at 2:25 am GMT.

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