Oil prices fell on Thursday as a meeting of the OPEC+ alliance yielded no discussion about deepening supply cuts but focused instead on bringing Nigerian and Iraqi output down to their agreed quotas.
Brent crude futures fell 64 cents, or 1.1% to $60.17 a barrel, heading for a third session of losses. U.S. West Texas Intermediate futures were down 42 cents, or 0.8% at $55.32.
Saudi Arabia’s new energy minister, Prince Abdulaziz bin Salman, said deeper cuts would not be discussed before a meeting of the Organization of the Petroleum Exporting Countries planned for Dec. 5 and 6.
Prince Abdulaziz said, however, his country would keep cutting by more than it pledged in a deal that has throttled supply by OPEC and its allies by 1.2 million barrels per day.