Oil prices fell for a third day on Thursday amid anxiety that supply may rise after the collapse this week of talks among major producers, potentially causing the current output agreement to be abandoned. Brent crude oil futures were down 43 cents, or 0.6%, at $73 a barrel by 0158 GMT. Russia is trying to mediate between Saudi Arabia and the UAE to help strike a deal to raise oil output, three OPEC+ sources said on Wednesday. Prices, however, found some support from a large drop in oil inventories in the United States. Government inventory data is due on Thursday, pushed back a day following the U.S. Fourth of July holiday on Monday.

Source: Mint July 08, 2021 02:03 UTC