Brent crude fell 18 cents to $71.45 a barrel by 1:09 p.m. EDT (1709 GMT). U.S. West Texas Intermediate (WTI) crude fell 6 cents to $68.44 a barrel. The Organization of the Petroleum Exporting Countries and allies led by Russia, a group known as OPEC+, agreed on Wednesday to stick to a policy from July of phasing out record output cuts by adding 400,000 barrels per day (bpd) a month to the market.
In the United States, gasoline stocks rose by 1.3 million barrels last week, the Energy Information Administration said. Analysts had expected a 1.6 million-barrel drop. Rising coronavirus infections could curtail demand in the United States in coming weeks, along with seasonal declines after summer driving season wanes.
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