Oil prices fell nearly 1 percent on Thursday on hopes of a compromise deal between OPEC producers on output.
It comes as US fuels stocks rise, spurring concerns about demand in the world’s largest economy.
Brent crude fell about 0.8 percent to $74.17 a barrel while US West Texas Intermediate (WTI) crude was down by about 0.9 percent to $72.51 in early trade.
OPEC+ talks were suspended earlier this month after the UAE sought a larger quota.
Although US crude oil stockpiles fell for an eighth consecutive week last week, gasoline and diesel inventories rose despite a drop in refinery utilization rates, Reuters reported, citing data from the Energy Information Administration showed on Wednesday.
